US regulators issue new CIP guidance

FINANCIAL CRIME

In the new guidance, the regulatory agencies emphasise that a bank’s CIP must include risk-based procedures for verifying the identity of each customer to a reasonable and practicable extent.

"Its is critical that each bank develop procedures to account for all relevant risks, including those presented by the types of accounts maintained by the bank, the various methods of opening accounts provided, the type of identifying information available.

"While important, the CIP rule is only one part of

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