Answer:
You'll find it in Section 103.121(b)(5). Customers must be notified about the fact that the financial institution will request information to verify their identities. The notification must be provided prior to the opening of the account. The notice can be provided orally, by posting a notice in the lobby where customers will be likely to see it, on a website or signs on desks, etc. The following verbiage is provided in the regulation:
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
Editor's Note: You can find a variety of signs for CIP compliance available for download in the BOL Tools.
First published on BankersOnline.com 7/21/08
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