Description
40min | Credits: 1.0 CTFA, CSOP, CCTS
Explore the core requirements of the Customer Identification Program (CIP) rule and its role in facilitating the prevention, detection, and prosecution of international money laundering and the financing of terrorism. This course details when and how banks must collect and verify customer information, describes record retention requirements, and explains how banks must screen customers against government watchlists and make required disclosures. Understand the importance of accurate identification and verification.
Learning Objectives
After completing this course, students will be able to:
- Know what the CIP rule is, and why it exists
- Understand when banks must collect information
- Know what information banks must collect
- Understand exemptions to the CIP rule
- Understand verification requirements
- Understand screening requirements
- Understand customer notification requirements
Audience: Any bank employees involved in opening new accounts.
This course is part of the ABA Frontline Compliance program.