**Final CIP Rule
Guidance on Customer Identification Regulations**
The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury has joined with the staff of the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, Office of Thrift Supervision, and the United States Department of the Treasury to issue frequently asked questions (FAQs) regarding the application of 31 C.F.R. § 103.121. This joint regulation implements section 326 of the USA PATRIOT Act and requires banks, savings associations, credit unions and certain non-federally regulated banks to have a Customer Identification Program (CIP). Section 326 of the Act adds a new subsection (l) to 31 U.S.C. § 5318 of the Bank Secrecy Act.
FinCEN has added a new feature under the Regulatory section of its web site, publishing comments on regulatory proposals.