This document describes what information is collected at onboarding and how identity is verified. For individuals, this often includes name, date of birth, address, and government ID. For businesses, it includes legal name, registration documents, ownership information, and authorized signers.
A good CIP explains both automated and manual checks. For example, an online platform might use identity verification software for most users but require manual review for failed matches. The document should also explain what happens when information cannot be verified.
Regulators want consistency. If the CIP says ID is required, staff must not skip it to “help” a customer move faster. The document should also explain record retention so the company can prove what checks were done and when.
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