Customer Identification Program
US regulations require financial institutions, including broker-dealers, to establish written customer identification programs (CIP).
All Financial institutions must use reasonable diligence in order to know the essential facts concerning each of their customers. Essential facts are those required to:
- Effectively service the customer’s account,
- Follow any special handling instructions for the account,
- Understand the authority of each person acting on behalf of the customer, and;
- Comply with applicable laws, regulations, and rules.
In order for broker-dealers to learn the essential facts for each customer they are required:
- To obtain customer identifying information from each customer prior to account opening;
- Verify the identity of each customer, to the extent reasonable and practicable, within a reasonable time before or after account opening;
- To make and maintain a record of information obtained relating to identity verification;
- Determine whether a customer appears on any list of known or suspected terrorist organizations designated by Treasury within a reasonable time after account opening or earlier; and
- Provide each customer with adequate notice, prior to opening an account, that information is being requested to verify the customer’s identity.
When you open an account with BCP Securities we will ask you for information and various documents that assist us in identifying you. If you have any questions or problems with the account opening process you may speak with your BCP representative or call (203) 783-7286.