Customer Screening: CIP and KYC

What this video covers

• The four non-negotiable data points CIP requires before account opening: name, date of birth, physical address, and taxpayer identification number (TIN)
• Why a standard post office (PO) box fails as a CIP physical address for individuals, and why Army Post Office (APO) or Fleet Post Office (FPO) addresses are acceptable
• How documentary and non-documentary verification methods satisfy CIP's reasonable-belief standard when the customer is not present in person
• Which government list (Office of Foreign Assets Control, Specially Designated Nationals (OFAC SDN)) triggers an absolute prohibition on onboarding
• The CIP record retention trap: 5 years after the account closes, not 5 years after it opens
• What essential facts the Know Your Customer (KYC) rule demands, including authority of any power of attorney (POA) holder or other person acting on the customer's behalf
• Why KYC applies to every account including self-directed accounts with zero recommendations, and how that differs from suitability which requires a specific recommendation