Customer Identification Procedures (CIP) •  Customer identification – identifying the customer and verifying his/her identity by using reliable, independent source documents, data or information.
BIS central bankers’ speeches  3  •  The banks must be able to satisfy the competent authorities that due diligence was observed based on the risk profile of the customer in compliance with the extant guidelines in place. •  Such risk-based approach is considered necessary to avoid disproportionate cost to banks and a burdensome regime for the customers.