Series 27: Customer Identification Program (CIP)

Taken from our Series 27 Online Guide

Customer Identification Program (CIP)

The USA PATRIOT Act requires member firms to use the name, address, date of birth, and Social Security number or tax identification number to independently verify the identity of the customer. This is called the Customer Identification Program (CIP), and it is used to make sure that the financial institution forms a reasonable belief that they know the true identity of their customers. The verification must be done within a reasonable amount of time after opening the account.

An individual’s address must be the person’s own residential or business street address, or the residential or business street address of another contact individual. A business address must be a principal place of business, local office, or other physical location. The identification number must be a taxpayer identification number for a U.S. person, or for a non-U.S. person, one or more of the follo

Since you're reading about Series 27: Customer Identification Program (CIP), you might also be interested in:

Solomon Exam Prep Study Materials for the Series 27
Please Enable Javascript
to view this content!