31 CFR 1020

Requirements:

Banks must collect basic identifying information before opening an account, including:

• Name.
• Date of birth for individuals.
• Address.
• Taxpayer identification number or other accepted identifying document.

Banks must verify customer identities using:

• Documentary methods, for example, government-issued identification.
• Non-documentary methods, for example, database checks or third-party verification.
• Additional verification measures when customer risk warrants enhanced scrutiny.

Banks must:

• Maintain records of customer identification and verification activities.
• Screen customers against applicable government terrorist watchlists.
• Notify customers that identity verification information will be collected.

Banks may rely on another regulated financial institution to perform certain CIP functions if specified requirements are met.