<Table> <Tr> <Td> </Td> <Td> This article relies too much on references to primary sources . Please improve this by adding secondary or tertiary sources . (December 2007) (Learn how and when to remove this template message) </Td> </Tr> </Table> <Tr> <Td> </Td> <Td> This article relies too much on references to primary sources . Please improve this by adding secondary or tertiary sources . (December 2007) (Learn how and when to remove this template message) </Td> </Tr> <P> A Customer Identification Program (CIP) is a United States requirement, where financial institutions need to verify the identity of individuals wishing to conduct financial transactions with them and is a provision of the USA Patriot Act . More generally known as know your customer the CIP requirement was implemented by regulations in 2003 which require US financial institutions to develop a CIP appropriate to the size and type of its business . The CIP must be incorporated into the bank's Bank Secrecy Act / Anti-money laundering compliance program, which is subject to approval by the financial institution's board of directors . </P> <P> The CIP is intended to enable the bank to form a reasonable belief that it knows the true identity of each customer . The CIP must include new account opening procedures that specify the identifying information that will be obtained from each customer . It must also include reasonable and practical risk - based procedures for verifying the identity of each customer . Financial institutions should conduct a risk assessment of their customer base and product offerings, and in determining the risks, consider: </P>

The customer identification program (cip) implemented by the usa patriot act requires banks to