Skip to content

CIP Rule on Verifying Customer Address

Answered by: 

CIP requires the bank to verify the information that the customer has supplied. We verify the information using ChexSystems. Is that sufficient for verifying the address or are we required to mail something like a “Thank You Note”?

You are required to verify the information provided sufficiently to believe that you know the customer's true identity. That is not a requirement that you verify each of the four elements (name, identifying number, street address and date of birth). I suggest that your policy and procedures should determine what the bank will do and how far it will go in the verification process.

First published on 6/20/11

First published on 06/20/2011

Filed under: 
Filed under security 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