CIP Verification and the Four Big Items

First, you must have the 4 items: name, physical address, TIN and DOB.

Second, you only have to get enough verification so that you are reasonably satisfied that they are who they say they are. This is the "risk based" part. Because of that, there are no hard and fast rules for this step. You don't have to verify all or even two things. It is just like you said: "the verification simply proves to us that we are dealing with the correct person and that we can rely on the 4 items they gave us."

First published on BankersOnline.com 4/4/05