Questions and Answers
How long do we have under the CIP regs before we must close an account for lack of verification of the identity of the person opening the account?
The customer identification program (CIP) regulations do not state that you must close an account for lack of verification of the identity of the person opening the account, or prescribe how long you have to do so. Rather, these matters are left to your discretion. However, your CIP should describe how your institution will handle situations where attempts to verify the customer’s identity have failed. Responses to this situation may include closing an account.
(Posted: 07/03/2008)
