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• A program required to prevent financing of terrorist operations and money laundering. Banks and other financial institutions are required to adopt written procedures to ensure proper identification of customers. Financial institutions also must keep records of identifying information and check customer names against terrorist lists. This applies to anyone who opens a new account as well as existing account holders when the institution is unfamiliar with their identity.

  National Credit Union Administration - Cite This Source - This Definition
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  Cite Definition for Customer Identification Program (CIP)

  American Psychological Association (APA)

  Customer Identification Program (CIP). (n.d.). Pocket Cents Glossary. Retrieved April 1, 2023, from website: http://www.expertglossary.com/definition/customer-identification-program-cip.

  Chicago Manual of Style (CMS)

  Customer Identification Program (CIP). www.mycreditunion.gov. Pocket Cents Glossary. National Credit Union Administration. http://www.expertglossary.com/definition/customer-identification-program-cip (accessed: April 1, 2023).

  Modern Language Association (MLA)

  "Customer Identification Program (CIP)." Pocket Cents Glossary. National Credit Union Administration. 1 April. 2023 http://www.expertglossary.com/definition/customer-identification-program-cip.

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