SIA issues guidance for brokers

FINANCIAL CRIME

The CIP rule – under Section 326 of the USA Patriot Act – requires broker-dealers to establish, document and maintain a written CIP that must be part of the overall AML programme. The CIP must include risk-based procedures for verifying the identity of each customer who opens a new account.

The AML Committee hopes the guidance will assist firms in developing and implementing their CIPs, although each firm must conduct an assessment of its own risks and implement a CIP that best reflects an

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