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Enhanced Due Diligence – Minimum Identification Requirements

Minimum Identification Requirements – Commercial Accounts

  1. Articles of Incorporation
  2. Board resolution authorizing the opening of the new account.
  3. Letter of reference from prior bank (unless the company is newly formed).
  4. Credit history for the company (unless the company is newly formed).
  5. Most recent balance sheet and income statement (unless the company is newly formed; can be waived if customer has an existing relationship with the bank).
  6. Last three bank statements (unless the company is newly formed; can be waived if customer has an existing relationship with the bank).
  7. Identification of beneficial owners that hold over 10% of shares

Minimum Identification Requirements – Consumer, business or corporation

According to the CIP Rule, a minimum of four data items are required for all new accounts. These are:

  1. Name
  2. Date of birth (for an individual)
  3. Address (physical home or business address, no P.O. boxes)
  4. Tax identification number
    • For individuals: Social Security number (SSN). For non-U.S. citizens, one of the following is acceptable:
    • Passport number and country of issuance
    • Alien identification card number.
    • Number and country of issuance of any other government-issued document bearing a photograph.
    • For businesses: Employer identification number (EIN) or tax identifier for the business (TIN).