Describe the Customer Identification Programs (CIP)
Search the Internet for Section 326 Verification of Identification specified in subchapter II of Chapter 53 of Title 31, United States Code.
(a) Describe the Customer Identification Programs (CIP) briefly.
(b) In your opinion, are the Customer Identification Programs (CIP) effective in preventing terrorist financing? Explain clearly your reasoning.
Customer identification programs (CIP) are initiatives established under Section 326 to provide guidelines to financial institutions concerning the registration procedures of new clients (“USA Patriot Act”). The guidelines include identity verification, maintenance of records, and consultations with government agencies.
The implementation of CIP is effective since it has enabled financial institutions in collaboration with government agencies to verify customers before engagements, and such has helped in risk assessments, which, in turn, has reduced financial crimes.
verifying the identity of any person seeking to open an account to the extent reasonable and practicable;
`(B) maintaining records of the information used to verify a person’s identity, including name, address, and other identifying information; and
`(C) consulting lists of k
Act requires Treasury to issue a regulation that establishes minimum standards regarding the identity of any customer who applies to open an account. Section 326 then prescribes three procedures that Treasury must require institutions to implement as part of this process: (1) identification and verification of persons seeking to open an account; (2) recordkeeping; and (3) comparison with government lists
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