Customer Information, Documentation, and Know Your Customer

What this video covers

• Why the three customer-information duties do not merge, and what distinct question each one answers
• Who must sign for account acceptance under firm policies, and why that signature is separate from entity trading authority records
• The four specific identifying items collected before account opening under the Customer Identification Program (CIP), and how verification timing differs from collection timing
• Documentary and non-documentary verification methods, and the only-when condition for digging into individuals with authority or control over an entity
• The two mandatory CIP procedures for failed verification and government-list checks
• How Know Your Customer (KYC) separates essential facts about the customer from the authority of each acting person
• The five-year identity record retention splits (after account closing versus after record creation) and the six-year customer account information retention with its maintain-versus-preserve distinction