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Customer Identification Program Policy

$195.00

The purpose of this Customer Identification Program Policy Template is to address the Customer Identification Program (CIP) of a bank, credit union, fintech company, or other type of financial institution in order to adhere to Section 326 of the USA Patriot Act regarding the requirement to implement reasonable procedures to verify the identity of any person.  See more information about this product below.

Customer Identification Program Policy

The purpose of this Customer Identification Program Policy Template is to address the Customer Identification Program (CIP) of a bank, credit union, fintech company, or other type of financial institution in order to adhere to Section 326 of the USA Patriot Act regarding the requirement to implement reasonable procedures to verify the identity of any person.

Table of Contents

  • Purpose and Contents – Topic 1
  • Policy Statement – Topic 2
  • Definitions – Topic 3
  • Structure of Accountability – Topic 4
  • Customer Due Diligence Program – Topic 5
  • Minimum Identity Verification Standards – Topic 6
  • Procedures for Verification of Identity – Topic 7
  • Procedures for Lack of Identity Verification – Topic 8
  • Rules for Special Accounts, Persons and Other Entities – Topic 9
  • Additional Account Opening Procedures – Topic 10
  • Comparison with Government Lists – Topic 11
  • Information Sharing Procedures – Topic 12
  • Exemptions – Topic 13
  • Other Legal Requirements – Topic 14
  • Use of Third-Parties – Topic 15
  • Customer Notice Procedures – Topic 16
  • Audit Policy – Topic 17
  • Staff Training – Topic 18
  • Retention of Documentation – Topic 19

Includes the following form templates:

  • BSA Certification for Beneficial Owners Form (2 pages)
  • BSA CIP New Customer Information Sheet (1 page)

Recent updates to this product:
03/15/21 Update
FFIEC – Revised FFIEC BSA/AML Examination Manual
12/01/20 Update
Joint Release – FinCEN and Federal Banking Agencies Clarify BSA Due Diligence Expectations for Charities and Non-Profit Customers
10/15/20 Update
Joint Release – Federal Banking Agencies and FinCEN Announce Exemption from Customer Identification Program Requirements for Premium Finance Loans
09/01/20 Update
Joint Press Release – Joint Statement on Bank Secrecy Act Due Diligence Requirements for Customers Who May Be Considered Politically Exposes Persons
05/01/20 Update
FFIEC Press Release – Federal and State Regulators Release Updates to BSA/AML Examination Manual
11/01/18 Update
Joint Press Release – Federal Agencies Issue a Joint Statement on Banks and Credit Unions Sharing Resources to Improve Efficiency and Effectiveness of Bank Secrecy Act Compliance
FinCEN Press Release – Federal Banking Agencies and FinCEN Announce Exemption from Customer Identification Program Requirements for Premium Finance Loans
10/01/18 Update
FinCEN Advisory – Exceptive Relief from Beneficial Ownership Requirements for Legal Entity Customers of Rollovers, Renewals, Modifications, and Extensions of Certain Accounts
09/04/18 Update
FinCEN Advisory – Extension of Limited Exception from Beneficial Ownership Requirements for Legal Entity Customers of Certain Financial Products and Services with Rollovers and Renewals
06/04/18 Update
FFIEC Press Release – FFIEC Issues New Customer Due Diligence and Beneficial Ownership Examination Procedures

This Customer Identification Program Policy Template (approximately 77 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.

NOTE: The complete contents of this product are also included in the Bank Secrecy Act Policy Template – Comprehensive Version.

Want to ensure your purchase from BankPolicies.com remains current? Add a Product Update Protection Plan to your shopping cart to ensure that you will automatically receive an updated version every time it is revised via e-mail within one year from the last date of purchase. This timely and cost-effective solution ensures that you stay on top of federal regulatory changes and industry recommended best practices.

When updates are made you will receive detailed information regarding why the product was updated and what has changed within the product in our Product Update Notification e-mail correspondence. This enables you to make an informed decision on whether to make any changes to the policy or procedure you implemented for your financial institution from the revised template.

BankPolicies.com provides your financial institution with the best bank policy template products available in the industry. You will always be up to date with the latest changes to bank policies and never have to worry about being out of compliance with the various laws, rules and regulations issued by the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Office of the Comptroller of the Currency (OCC), or other federal regulatory bodies that may apply to your organization.

Our dedicated staff of career banking industry professionals are ready to keep your financial institution up to date with the latest bank policy standards and industry best practices. Purchase your bank policies from us today and rest easy knowing you have the right team helping you and your organization stay compliant. We look forward to earning your business for all of your bank policy needs.

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