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SSN Requirements for Signers

Answered by: 
John Burnett

Question: 
If a person is a signer on a business account, are we required to get their Social Security number for CIP or any other reason?
Answer: 

If the Customer Identification Program approved by your bank's board of directors requires the gathering of this information, you are required to do it. Otherwise, there is no legal requirement of which I am aware, if you are dealing with a business account for a legally separate entity (i.e., other than a sole proprietorship).

First published on BankersOnline.com 5/16/05

First published on 05/16/2005

Filed under: 
Operations
Security
Filed under operations as: 
Board of Directors
CIP
Directors
IT
Security
Social Security
SSN
Filed under security as: 
Board of Directors
CIP
Directors
IT
Security
Social Security
SSN

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