Patriot Act Section 326
The 2001 USA PATRIOT Act provision requiring financial institutions to implement a Customer Identification Program (CIP) at account opening.
Section 326 of the USA PATRIOT Act (2001) requires every U.S. financial institution to implement a Customer Identification Program (CIP) before opening a new account. The CIP must verify the identity of each customer using documentary or non-documentary methods, retain records, and check customers against government lists. CIP is the legal foundation of KYC at every U.S. bank, broker, and credit union.
Also known asUSA PATRIOT Act §326, Customer Identification Program, CIP
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