The CIP rule encourages, but does not require more than an identification document. When opening an account for a foreign company or a company that does not have an identification number, the bank must request other documents issued by the government certifying the existence of the company or company. What does the EHIP rule require of financial institutions? For a natural person, the tax identification number is the social security number (SSN). For companies, the tax identification number is the employer identification number (EIN) or the tax identification number of the company (TIN). 2 A tax identification number may apply to both U.S. and non-U.S. citizens. Persons. There are five different types of tax identification numbers: Social Security Number (SSN), Employer Identification Number (EIN), Individual Tax Identification Number (ITIN), Tax Identification Number for pending U.S. states. Adoptions (ATIN) and the Preparer Taxpayer Identification Number (PTIN). Ein, ITIN, ATIN and PTIN may be issued to non-U.S. citizens.
Persons. (ii) for a person who does not have a residential or business address, a PO Box number of the Army Post Office (APO) or Fleet Post Office (OPS), or the residential or business address of the next of kin or other contact person; or (B) exception for persons applying for a tax identification number. Instead of obtaining a client`s tax identification number before opening an account, the CIP may include account opening procedures for a client who has requested a tax identification number but has not received it. In this case, the PIC must include procedures to confirm that the application was submitted before the client opened the account and to obtain the tax identification number within a reasonable time after the account was opened. CIP requirements for business account signers can be a confusing topic for some. While it may seem natural to require CIP for anyone who opens an account, it`s not technically what the rules require, especially when it comes to business accounts. Therefore, let`s give an in-depth look at the CIP requirements and how they apply to corporate account signers. «The CIP rule applies to a `client`. A client is a «person» (a natural person, partnership, partnership, trust, estate or other legal entity recognized as a corporation) who opens a new account, a person who opens a new account for another person who does not have legal capacity, and a person who opens a new account for a corporation (for example. B.B, a citizens` association).
To determine if the CIP is required for corporate account signers, it is important to discuss what the CIP is and why we need to do it. The BSA`s requirements state that each financial institution must establish a Customer Identification Program (PIC) that helps it develop a reasonable belief that it knows the true identity of each customer. (C) Credit Card Accounts. In connection with a customer opening a credit card account, a bank may obtain a customer`s credentials required under paragraph (a) (2) (i) (A) by purchasing them from a third party before lending to the customer. • Non-documentary methods must be able to deal with the following situations: The identification number required for a U.S. .