Only A Few Days Until CIP Deadline

By: Jennifer Kramer

CIP programs must be in place and fully implemented by October 1, 2003. This is less than one week away, so is your financial institution ready?

By October 1, 2003, all banks, credit unions and other financial service institutions must complete the following:

• Implement a written CIP appropriate for the size of the institution and the type of business
• Incorporate the CIP into the institutions’ existing Bank Secrecy Act procedures
• The new CIP procedures must be approved by the institution’s Board of Directors and include procedures for notifying customers about the new identity validation requirements.

For more information, please refer to http://www.ots.treas.gov/

Contact Nichols, Cauley & Associates by Email, phone, or online form with your questions.

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