Customer Identification Protocol: Commonly known as CIP, this refers to a process of gathering required fields of Personally Identifiable Information about a customer and verifying the customer’s identity as a part of the KYC objectives of Anti-Money Laundering Regulations. The regulations require CIP for some payment instruments and Cards. The regulations also have exemptions for certain Cards including the Open Loop AML Exemption and Closed Loop AML Exemption specified in the FinCEN Regulation.
