New CIP procedures issued
WASHINGTON, DC – US bank regulators have issued revised guidelines for the examination of customer identification programmes (CIPs), to help financial institutions comply with the Bank Secrecy Act (BSA).
The Federal Reserve Board said the CIP examination procedures announced at the end of July would be used to examine domestic and foreign banking organisations’ CIPs as required by section 326 of the USA Patriot Act.
Section 326 requires each financial institution to implement a written CIP that includes certain minimum requirements and is appropriate for its size and type of business. The new
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