Opening Accounts & CIP
To open an account a firm collects the four CIP essentials — name, date of birth, residential address, and SSN/TIN — verifies identity under the USA PATRIOT Act, and gathers the suitability profile (objectives, finances, risk tolerance).
Account records must note whether the customer is of legal age, employment details, and any association with another broker-dealer (which triggers notice requirements). The account record goes to the customer for verification within 30 days of opening and after each change, and trusted-contact information must be requested.