BSA Basics: CIP and CDD Rules

Often called the fifth pillar of BSA, Customer Identification Programs and Customer Due Diligence are the way we are required to "know" our account holder. Your Board will learn how we gather identification and become familiar with pending issues on beneficial ownership. This is an excellent program for an update on what is new and happening in our industry as far as Bank Secrecy Act is concerned.  

Covered Topics

  • CIP - Minimum Requirements
  •  Identifying the customer: Information Required and Verification
  • Customer Due Diligence and Key Elements
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The cost of subscription is determined by the asset size of your institution. In the case of holding companies or banks under common ownership, the aggregate asset size of participating banks determine the subscription tier.
   Non-bank or < 499M - $125 per month   
   $500M - 999M - $250 per month   
   $1 - 5B - $425 per month   
   $5 - 10B - $600 per month   
   > 10B - $850 per month