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CIP on Safe Deposit Box Signer

Question: 
Is it necessary to obtain a CIP on a signer to a safe deposit box?
Answer: 

Answer by John Burnett:
That's not possible for us to answer. Although authorized signers are not considered "customers" by the CIP regulations at 31 CFR 103.121, you have to know what your own institution's board-approved CIP has to say on the subject. If your policy calls for completing CIP on such individuals, you have to do it.

Answer: 

Answer by David Dickinson:
Whether it is a safe deposit box or a checking account makes no difference to the answer to this question.

First published on BankersOnline.com 4/09/07

First published on 04/09/2007

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