Series 22: Customer Identification Program (CIP)

Customer Identification Program (CIP)

The U.S. 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.

The Customer Identification Program also requires broker-dealers and mutual funds to develop procedures to dictate how the firms will respond when