Skip to content

CIP: Record Retention For Business Account Information

Answered by: 

Question: 
For CIP, do we need to keep actual copies of documentation used to identify a business (for example, Articles of Incorporation)?
Answer: 

Under the current regulation, you do not have to maintain copies of documentary verification, including copies of business documents. You need to keep a record of what you looked at.

However, Treasury has indicated a willingness to reopen this question for comment, based on some criticism from a member of congress. There is a possibility that Treasury and bank regulators will agree to change the regulation to require copy retention.

First published on BankersOnline.com 07/14/03

First published on 07/14/2003

Filed under: 
Filed under compliance as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics