Customer Identification Program Regulatory Requirements for Futures Commission Merchants and Introducing Brokers in Commodities

31 U.S.C. 5318(l) requires the Secretary to issue regulations prescribing minimum standards for customer identification programs (CIPs) for financial institutions. Regulations implementing section 5318(l) are as follows: (i) banks (31 CFR 1020.220); (ii) brokers-dealers (31 CFR 1023.220); (iii) mutual funds (31 CFR 1024.220); and (iv) futures commission merchants and introducing brokers in commodities (31 CFR 1026.220). Under the CIP regulations, the minimum requirements include: 1) implementation of a written customer identification program appropriate for the financial institution’s size and type of business; 2) identity verification procedures; 3) recordkeeping; 4) comparison with government lists; and 5) customer notice. This information collection applies to CIP requirements for futures commission merchants and introducing brokers in commodities.

The latest form for Customer Identification Program Regulatory Requirements for Futures Commission Merchants and Introducing Brokers in Commodities expires 2027-12-31 and is listed under ICR 202408-1506-002.

Maintenance of Customer Identification Program

Federal Enterprise Architecture: Law Enforcement - Criminal Investigation and Surveillance