CIP Customer Identification Procedures Questions with Complete Correct Answers | Grade A+

Under the CIP rules, basic customer information must be collected from: Ans: All consumer and commercial customers The CIP's data collection requirements only apply to U.S. persons, since non-U.S. persons cannot be expected to provide the typical account-opening information. Ans: F Non-U.S. persons are not covered under the CIP. Ans: F Customers are required to receive notification about your institution's CIP requirements so that they can: Ans: Be better informed and prepared to provide the necessary information Under the CIP rule, a "customer" is best defined as any: Ans: Person that opens an account To comply with your institution's CIP policy, you will need to know when to: Ans: Refuse to open an account Limit account activity Close a customer's account Report suspicious activity **All of the above A customer who is evasive about supplying the required information may require your institution to file a SAR. Ans: T Customer Identification Programs (CIPs) only apply to consumer accounts, since most fraud is committed by individuals. Ans: F The CIP allows your institution to offer online account opening. Ans: