Customer Identification Verification
The USA PATRIOT Act requires member firms to use a customer’s name, address, date of birth, and Social Security number or tax identification number to independently verify the person’s identity. This verification can be done with a government issued photo ID, such as a current driver’s license, a passport, an alien registration card, a green card, or another government-issued identification (a Social Security card is not acceptable). The verification must be done within a reasonable amount of time after opening the account.
The member firm is also required to check if the person is on a known or suspected terrorist list provided by the Office of Foreign Assets Control (OFAC) . These suspected terrorist lists are called the Specially Designated Nationals (SDN) lists. The firm’s identification program is referred to as a Customer Identification Program (CIP) .
These rules are included to detect and deter money laundering and the funding of terrorist organizations.
Records relating to identification verification must be kept at least five years.
Summary
Required Information for New Account
Minimum Required Information
Customer ID Verification Information
Customer Suitability Information
Name
x
x
Residential address
x
x
Social Security number or tax ID
x
x
Date of birth
x
x
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I was very apprehensive about the Series 24 exam prior to taking it. Everyone I knew who had taken it informed me that it was an incredibly difficult test, with questions that were meant to trick you. After following Solomon's six week study outline and making flashcards for my weakest areas, I was averaging in the high 80s on the Solomon practice exams. That gave me the confidence I needed to walk into the test center feeling prepared, and the knowledge I needed to walk out of the test center having scored an 88. I am now recommending the Solomon Series 24 materials to everyone at the office!
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Austin, Texas
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