CIP ACTUAL EXAM PAPER 2026
QUESTIONS WITH SOLUTIONS GRADED A+
◉ The CIP's data collection requirements only apply to U.S. persons,
since non-U.S. persons cannot be expected to provide the typical
account-opening information.
Answer: F
◉ Non-U.S. persons are not covered under the CIP.
Answer: F
◉ Customers are required to receive notification about your
institution's CIP requirements so that they can:
Answer: Be better informed and prepared to provide the necessary
information
◉ Under the CIP rule, a "customer" is best defined as any:
Answer: Person that opens an account
◉ To comply with your institution's CIP policy, you will need to
know when to:
, Answer: Refuse to open an account
Limit account activity
Close a customer's account
Report suspicious activity
**All of the above
◉ A customer who is evasive about supplying the required
information may require your institution to file a SAR.
Answer: T
◉ Customer Identification Programs (CIPs) only apply to consumer
accounts, since most fraud is committed by individuals.
Answer: F
◉ The CIP allows your institution to offer online account opening.
Answer: T
◉ All of the following activities are required by the CIP EXCEPT:
Answer: Reporting customer demographics
◉ Under the CIP rule, an "account" is best defined as a(n):
QUESTIONS WITH SOLUTIONS GRADED A+
◉ The CIP's data collection requirements only apply to U.S. persons,
since non-U.S. persons cannot be expected to provide the typical
account-opening information.
Answer: F
◉ Non-U.S. persons are not covered under the CIP.
Answer: F
◉ Customers are required to receive notification about your
institution's CIP requirements so that they can:
Answer: Be better informed and prepared to provide the necessary
information
◉ Under the CIP rule, a "customer" is best defined as any:
Answer: Person that opens an account
◉ To comply with your institution's CIP policy, you will need to
know when to:
, Answer: Refuse to open an account
Limit account activity
Close a customer's account
Report suspicious activity
**All of the above
◉ A customer who is evasive about supplying the required
information may require your institution to file a SAR.
Answer: T
◉ Customer Identification Programs (CIPs) only apply to consumer
accounts, since most fraud is committed by individuals.
Answer: F
◉ The CIP allows your institution to offer online account opening.
Answer: T
◉ All of the following activities are required by the CIP EXCEPT:
Answer: Reporting customer demographics
◉ Under the CIP rule, an "account" is best defined as a(n):
