Trading, Accounts & Prohibited ActsQuestion 245 of 398
Under the Customer Identification Program (CIP), a firm must collect and verify certain minimum information before opening an account. Which set represents the four required items?
a.Employer, salary, net worth, and investment objective
b.Bank account number, credit score, mother's maiden name, and email
c.Beneficiary name, spouse name, occupation, and phone number
d.Name, date of birth, physical address, and taxpayer identification number
Explanation
CIP, mandated by the USA PATRIOT Act, requires firms to obtain a customer's name, date of birth, physical address, and identification number (such as an SSN) and to verify identity. This helps prevent money laundering and terrorist financing.
Law Reference: USA PATRIOT ActPractice all 398 questions free — no signup required.
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