What is the CIP rule for account signatories?

Date:2023-03-12
The CIP rule for account signatories requires that financial institutions take reasonable steps to verify the identity of parties opening accounts when they are present at the institution in person. This includes verifying the customer's identity with identifying documents, such as a driver's license, passport, or other government-issued identification. Financial institutions must also collect and keep information about the individual opening an account for the purpose of confirming their identity with the issuing agency.
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