Driver's licences, state-issued ID cards, passports, and military IDs are among the most widely used forms of documentary identification for people.
For confirming each customer's identity, it must also include appropriate and workable risk-based methods. The CIP is, at its core, a two-part procedure, the first step of which is to gather identifying data, and the second of which is to confirm that the data collected actually identifies the client.
The CIP needs to outline the identifying data that will be gathered from each consumer opening an account. Name, address, date of birth (if applicable), and identity number of the consumer are required to be included.
The CIP specifies the basic criteria for financial institutions and their customers regarding ,the identity of the customer that shall apply in connection with the establishment of an account at. a financial institution.
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