The Customer Identification Program requires financial institutions to verify customer identity using:
Correct Answer
B) Documentary methods, non-documentary methods, or a combination of both
The CIP allows institutions to use documentary methods (such as driver's license, passport), non-documentary methods (such as credit reports, public databases), or a combination of both to verify customer identity. The institution must have risk-based procedures for verification.
Why This Is the Correct Answer
The CIP allows institutions to use documentary methods (such as driver's license, passport), non-documentary methods (such as credit reports, public databases), or a combination of both to verify customer identity. The institution must have risk-based procedures for verification.
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