Why is CIP important?
Besides, what is CIP used for?
Clean-in-place (CIP) is a method of cleaning the interior surfaces of pipes, vessels, process equipment, filters and associated fittings, without disassembly. The advent of CIP was a boon to industries that needed frequent internal cleaning of their processes.
In this way, what information is required for CIP?
At a minimum, the bank must retain the identifying information (name, address, date of birth for an individual, TIN, and any other information required by the CIP) obtained at account opening for a period of five years after the account is closed.
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 7 Page 8 credit card accounts, five years after the account is closed or becomes dormant.