CIP on DBA new customer

Question:

We have completed our CIP on the customer opening the account as a DBA, would we still need to complete a CIP on their business? If so how would we do that?

Answer:

You cannot perform CIP on a DBA; a "DBA" name is the equivalent of a nickname. You identify the individual, corporation, partnership, LLC, etc., that is the customer. Then, you establish that the customer has the right to use the DBA name.

First published on BankersOnline.com 10/11/10