CIP

A Customer Identification Program (CIP) is the minimum identity-verification standard under the BSA. It requires a financial institution to obtain — at a minimum — a customer’s name, date of birth, address, and an identification number before opening an account, and to verify enough of that information to form a reasonable belief that it knows the customer’s true identity.

CIP is the entry point of a broader KYC program. Verification can be documentary (reviewing a passport or driver’s license) or non-documentary (comparing data against trusted third-party sources). Institutions must keep records of the information collected and the methods used to verify it.