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← Series 7: Opens & Maintains Customer Accounts
Series 7 practice questioneasyAccount Documentation — Customer Identification Program

The Customer Identification Program (CIP) requires broker-dealers to verify the identity of customers opening new accounts. What is the minimum information that must be obtained?

  1. AName, date of birth, address, and identification number (e.g., SSN)✓ Correct answer
  2. BName, address, and phone number
  3. CName, email address, and employer
  4. DName, address, and two personal references
Explanation

Why A — Name, date of birth, address, and identification number (e.g., SSN)

Under the Customer Identification Program mandated by the USA PATRIOT Act, broker-dealers must collect at minimum four pieces of identifying information: name, date of birth, address, and an identification number (Social Security number for U.S. persons, or passport number/alien identification number for non-U.S. persons). The firm must also verify this information within a reasonable time.

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