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Know Your Customer and Customer Identification Program

In: Anti-Money Laundering in a Nutshell

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  • Kevin Sullivan

Abstract

Preventing criminals from opening up accounts at a financial institution starts with understanding who you are dealing with. We would not want Al Capone to open up a bank account. Therefore, being able to identify the customers is where the money laundering fight begins. Terms such as “Know Your Customer (KYC)” and “Customer Identification Program (CIP)” are simply phrases used that mean a financial institution should obtain some basic pedigree information on their customers. Items such as name, DOB, address, phone, and SSN. In other words, there should be no anonymity within the ranks of the customers. This chapter details what is required, how to obtain that information, and how that intelligence comes in handy when a money laundering investigation has begun.

Suggested Citation

  • Kevin Sullivan, 2023. "Know Your Customer and Customer Identification Program," Springer Books, in: Anti-Money Laundering in a Nutshell, edition 2, chapter 0, pages 127-165, Springer.
    • Handle: RePEc:spr:sprchp:979-8-8688-0066-5_6
    DOI: 10.1007/979-8-8688-0066-5_6
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