CIP Policy Template Update Details

What's Revised

Topic 7 - Minimum Identity Verification Standards. The following subtopics were revised:

Enhanced Due Diligence Standards for High Risk Customers (bullet point 3.)

Rules for Politically Exposed Persons (first two paragraphs after bullet point 4. were added to page 10 of the current product and the following bullet point 9. was revised)

Topic 16 - Retention of Records. All contents were completely revised to mirror guidance from the FFIEC BSA/AML Examination Manual.

Product Contents

Purpose and Contents - Topic 1

Policy Statement - Topic 2

Structure of Accountability - Topic 3

Risk Management - Topic 4

Regulatory Background - Topic 5

Definitions - Topic 6

Minimum Identity Verification Standards - Topic 7

Procedures for Verification of Identity - Topic 8

Procedures for Lack of Identity Verification - Topic 9

Additional Account Opening Procedures - Topic 10

Comparison with Government Lists - Topic 11

Information Sharing Procedures - Topic 12

Customer Notice Procedures - Topic 13

Audit Policy - Topic 14

Staff Training - Topic 15

Retention of Records - Topic 16

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$175.00 - List Price

- or -

$25.00* - Update Price

*Applies only to clients who have purchased the Customer Identification Program Policy Template within the last three years in addition to the following prior updates (if applicable):

Customer Identification Program Policy Template Update - 09/12/06 - $25.00

Customer Identification Program Policy Template Update - 09/14/05 - $50.00

If you have ordered this product after 08/27/07 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.

Find Out What's New with our Product Update Program

Our Product Update Program allows existing clients to receive e-mail notifications from us the same day we issue a new or revised product.

How does it work? Clients who previously purchased the product are offered an "update" via e-mail at a substantial discount off the current list price, whereas clients who have not are provided an opportunity to get it hot off the press! Additionally, clients who have ordered the product from us within the past 30 days are eligible to receive the update for free!

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