Series 52: 8.4.2.5. Customer Identification Program

8.4.2.5. Customer Identification Program

The MSRB requires each firm to develop, document, and maintain a written Customer Identification Program (CIP). This program should be appropriate to the firm’s size. The CIP must contain procedures for verifying the identity of each customer who opens an account. The verification process involves two steps. For step one, prior to opening the account, the member firm must obtain the customer’s:

• Name

• Date of birth

• Address

• Identification number, such as Taxpayer