CIP - Public or Government Account Signers

Answered by:

Question:

Are there concessions in regards to CIP information required for signers on accounts for Public or Governmental accounts?

Answer:

Certainly. If your bank's CIP will permit it. If you carefully review 31 CFR 103.121(a)(3)(ii), you'll see that domestic governmental entities are not considered customers for the purpose of the CIP regulations. That means your bank can exclude their accounts from coverage under CIP rules.

First published on BankersOnline.com 9/17/07