CIP FINAL SCRIPT 2026 CERTIFIED
INSURANCE PROFESSIONAL QUESTIONS
ANSWERS COMPLETE A+
◉ The CIP policy only applies to first-time customers. Long-time
account holders are not subject to the rules if there is a reasonable
belief that the true identity of the person is known.
Answer: T
◉ Under the CIP law, an account should only be maintained if your
institution:
Answer: Has a "reasonable belief" that it knows the true identity of
the customer
◉ An unexpected funds transfer in a legal entity's account to a
previously unknown individual triggered an investigation. Your
institution learned that the funds transfer was directly related to a
change in the beneficial ownership of the legal entity. Your
institution is not required to obtain the beneficial ownership
information if the account was opened prior to the effective date of
the CDD.
Answer: F
, ◉ The CIP rules require your institution to have procedures in place
to:
Answer: Refuse to open an account
Limit account activity
Close an account
◉ Customers' basic identifying information obtained under the CIP
rule must be retained for a period of:
Answer: Five years after account closing
◉ Your institution must keep customer's information for __________
(hint: spell out) years.
Answer: Five
◉ Customer names must be checked against the __________ list (Hint:
use acronym) before opening an account.
Answer: OFAC
◉ . Notice of additional ID collection may be given to the customer:
Answer: In writing
Orally
In a posting in the lobby
On the website
INSURANCE PROFESSIONAL QUESTIONS
ANSWERS COMPLETE A+
◉ The CIP policy only applies to first-time customers. Long-time
account holders are not subject to the rules if there is a reasonable
belief that the true identity of the person is known.
Answer: T
◉ Under the CIP law, an account should only be maintained if your
institution:
Answer: Has a "reasonable belief" that it knows the true identity of
the customer
◉ An unexpected funds transfer in a legal entity's account to a
previously unknown individual triggered an investigation. Your
institution learned that the funds transfer was directly related to a
change in the beneficial ownership of the legal entity. Your
institution is not required to obtain the beneficial ownership
information if the account was opened prior to the effective date of
the CDD.
Answer: F
, ◉ The CIP rules require your institution to have procedures in place
to:
Answer: Refuse to open an account
Limit account activity
Close an account
◉ Customers' basic identifying information obtained under the CIP
rule must be retained for a period of:
Answer: Five years after account closing
◉ Your institution must keep customer's information for __________
(hint: spell out) years.
Answer: Five
◉ Customer names must be checked against the __________ list (Hint:
use acronym) before opening an account.
Answer: OFAC
◉ . Notice of additional ID collection may be given to the customer:
Answer: In writing
Orally
In a posting in the lobby
On the website
