We are having a debate as to the use of a new account application for CIP and wondering what is common practise. Is an application used for EVERY new account opened (even if the customer has other accounts w/us) or only for new customers?

That would depend on your banks CIP policy.

Our Deposit Origination Software seems to always pump out a CIP form for every account we open. Our staff fill it out for every new account, even for an existing customer. However, I'm trying to research: a) printing the CIP on demand only when it's a new customer or b) having the new accounts staff just shred the CIP form for existing customers if we have already verified CIP. We generally put a note in the electronic file as to when we last verified CIP.

If we switch to a new core processor I'm also going to be looking at the integration between the deposit origination software and the core processing software to see if we can get it to spit out a CIP only on new customers, not existing ones.