Although local government organizations are exempt from CIP requirements, if your policy requires more documentation than what the regulation requires, you must follow your policy. Exceptions cannot be made to a CIP policy or you will be criticized during your independent audit or exam. If you wish to change your CIP Policy and procedures regarding public funds, your Board of Directors must approve the change.
Documentation to Open Public Fund Entity
What documentation should be requested when opening a Public Fund Entity account in Texas? We have come across some entities which do not want to provide IDs for the signers, but our policy states we need them.
First published on 11/15/2015