Welcome to the on-line
May - June 2004 issue of the
Community Bankers' Advisor
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The Advisor is
prepared by attorneys at Olson & Burns, P.C. to provide information
pertaining to legal developments affecting the field of banking.
In order to accomplish this objective, we welcome any comments
our readers have regarding the content and format of this publication.
Please address your comments to:
Community Bankers' Advisor
c/o
Olson & Burns, P.C.
PO Box 1180
Minot, ND 58702-1180
olsonpc@minotlaw.com
Also,
visit our web site at:
www.minotlaw.com
The attorneys
at Olson & Burns represent a wide range of clients in the financial
and commercial areas. Our attorneys represent more than 30 banks
throughout North Dakota. |
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On January 8, 2004, the OCC issued a bulletin
announcing that a “Frequently Asked Questions” publication
had been produced for guidance regarding the Customer Identification
Program rule. We reprinted the first two portions of the FAC in earlier
issues. The balance of the publication is printed below.
FREQUENTLY ASKED QUESTIONS:
Final Customer Identification Program Rule
(Reprint of OCC 2004-3 Attachment)
31 C.F.R. § 103.121(b)(3)(ii) – Retention
of records
1. Does the original information obtained
during account opening have to be retained or can the bank satisfy
the recordkeeping requirement by just keeping updated information
about the customer, i.e., the customer’s
current address?
The CIP rule requires that a bank retain the identifying information
obtained about the customer at the time of account opening for five
years after the date the account is closed or, in the case of credit
card accounts, five years after the account is closed or becomes dormant.
31 C.F.R. § 103.121(b)(3)(ii). Updated information serves valuable,
but different, purposes.
2. If the bank requires a customer to provide more identifying information
than the minimum during the account opening process, does it have to
keep this information for more than five years?
The bank must keep for five years after the account is closed, or in
the case of credit card accounts, five years after the account is closed
or becomes dormant, all identifying information it gathers about the
customer to satisfy the requirements of § 103.121(b)(2)(i) of
the CIP rule. 31 C.F.R. § 103.121(b)(3)(ii).
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