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CIP Verification Checklist - Commercial Borrowers

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We normally take a copy of the driver's license of a new commercial borrower and put in the file for CIP purposes. We are now being told that we need to complete a CIP verification checklist and have that in the file also. Is the checklist necessary and if so, can you direct me to the regulation?

You will not find a requirement for any specific form of record keeping for CIP within the law or regulation. If the checklist is a part of your institution's CIP policy and/or procedures, you would be bound by that document. A checklist is a nice, neat way of documenting information. Please ask the individual who gave you this directive for more information.

First published on 2/02/09

First published on 02/02/2009

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