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Copy Credit Cards for CIP Documentation

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Can banks take copies of credit cards for CIP documentation when opening a new account? I thought this was against regulation? Can you please refer me to written verification?

There is no law against copying a credit card of which I am aware. However, a credit card is a poor form of identification, even secondary identification, as the possession of a credit card does little to confirm that the person presenting the card is actually the card holder.

First published on 1/28/08

First published on 01/28/2008

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