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USA PATRIOT Act: CIP & Photocopying The Driver's License

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After writing a CIP policy (not yet approved by the BOD) only to have the final rules postponed, we decided to take a wait and see position before copying the drivers license for new accounts or putting any of our other requirements in place. Are we okay with this, or are we out of compliance?

There is no requirement to copy a Drivers Licenses at this time. In fact, I've been hearing that the final CIP rules may indicate that you don't have to COPY the D.L., but simply take down the info on the D.L.

Back to your question: why not begin "practicing" the CIP rules so that you can work out issues before the final rules is implemented. Most banks that I work with have begun some implementation of the CIP rules. There's nothing wrong with beginning and you will have to sooner or later. Unfortunately, we don't know if it will be sooner or later.

First published on 3/3/03

First published on 03/03/2003

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