Establishing and maintaining “an effective” customer identification program (CIP) for permitted payment stablecoin issuers (PPSIs) was proposed Thursday by federal banking and credit union regulators, and the Treasury’s financial crimes enforcement unit. The proposal, issued […]
Banks may use pre-populated customer information to satisfy Customer Identification Program (CIP) requirements when opening an account, the federal bank deposit insurance agency said late Tuesday. In a financial institution letter (FIL), the Federal Deposit […]
Banks supervised by the Federal Reserve Board are now permitted to obtain a customer’s tax identification number (TIN) from a third party under an exemption order approved July 24 and announced Thursday by the Federal […]
An exemption order allowing banks and credit unions to satisfy a federal customer identification program (CIP) rule by getting taxpayer identification number (TIN) information from third parties – not just directly from the customer or […]
This article was updated April 1, 2024. Should banks be allowed to collect just a piece of an individual’s social security number prior to account opening to satisfy a key obligation under Bank Secrecy Act […]
A broker-dealer must comply with certain requirements of customer identification program (CIP) and customer due diligence (CDD) regulations when distributing to a beneficiary of an individual retirement account (IRA) funds inherited as part of a […]
An exemption from the requirements of the customer identification program (CIP) rules for loans extended by banks and credit unions and their subsidiaries to all customers to facilitate purchases of property and casualty insurance policies […]
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