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Customer Identification Program
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<p>A Customer Identification Program (CIP) is a <a href="/facts/United_States/P0sCdLe5">United States</a> requirement, where <a href="/facts/Financial_institution/MMdhY0g9">financial institutions</a> need to verify the identity of individuals wishing to conduct <a href="/facts/Financial_transaction/boHRc8mw">financial transactions</a> with them and is a provision of the <a href="/facts/USA_Patriot_Act/EuM6gPJ6">USA Patriot Act</a>. More commonly known as <a href="/facts/Know_your_customer/jeV49PB9">know your customer</a>, the CIP requirement was implemented by regulations in 2003 which require US financial institutions to develop a CIP proportionate to the size and type of its business. The CIP must be incorporated into the bank's <a href="/facts/Bank_Secrecy_Act/Amdsden8">Bank Secrecy Act</a>/<a href="/facts/Anti-money_laundering/98Gw3mgx">Anti-money laundering</a> compliance program, which is subject to approval by the financial institution's board of directors. </p>