3 Distinct Qualities of A Solid Customer Identification Program
(World News Science)

3 Distinct Qualities of A Solid Customer Identification Program In order to abide by BSA/AML compliance regulations, a reliable Customer Identification Program (CIP) is a must. With the development of technology, CIP programs have become increasingly tighter to protect against things like identity theft and organized crime. Security efforts were particularly advanced after 9/11. Due to this, in 2003, CIP was added as a requirement to the Bank Secrecy Act. In simple terms, a CIP program protects the security of customers who are banking in a financial institution. The CIP prioritizes customers who open new accounts, having systems and processes in place that determine if the customer is...