CIP Form Record Retention

Question:

What are the criteria for retention of CIP forms? How long do we retain CIP forms? Do we need to retain them for a specific period after accounts are closed and loans are satisfied?

Answer:

The customer information provided prior to opening of the account (name, date of birth, address, tax identification number) must be retained for five years after the account is closed. The following must be retained for five years after the record is created:

A description of the type of any document relied on for verification (driver’s license, passport, etc.);
A description of any non-documentary methods used and the result (credit report, contacting customer, etc.);
Description of how any substantial discrepancies were resolved.

First published on BankersOnline.com 2/19/07