Question

Who are responsible for complinace identifcation of an org?

Answer 1

A Customer Identification Program (CIP) is a United States requirement, where financial institutions need to verify the identity of individuals wishing to conduct financial transactions with them and is a provision of the USA Patriot Act. More generally known as know your customer the CIP requirement was implemented by regulations in 2003 which require US financial institutions to develop a CIP appropriate to the size and type of its business. The CIP must be incorporated into the bank's Bank Secrecy Act/Anti-money laundering compliance program, which is subject to approval by the financial institution's board of directors.

Answer 2

Management and all members of the organization are responsible for ensuring that compliance with laws, rules and regulations occurs. Internal audit provides advice and consultation relative to the compliance program.