What is the CIP rule for trusts?

Date:2023-03-10
The CIP rule for trusts states that banks must obtain sufficient customer information before opening a trust account. This includes obtaining the customer’s name, address, and date of birth, as well as other information relevant to the identity of the customer, such as a copy of a valid government-issued ID. The bank must ensure that the customer's identity is verified and the source of funds is verified.
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