Customer Identification Program (CIP)
The Customer Identification Program (CIP) was established by the U.S. Patriot Act of 2001 and implemented in 2003. It establishes the minimum standards that financial institutions must follow to confirm the identity of new customers when opening an account. Each financial institution’s CIP is tailored to its size, business type, types of accounts offered, account opening methods, and other factors. The objective of this program is to minimize the use of the U.S. financial system for money laundering and terrorist financing activities.