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Question
When we open accounts, loans, etc. are we required to verify or validate SSN’s?
Answer
Yes, both lending an deposits must comply with the Customer
Identification Program (commonly referred to as CIP) requirements.
Under CIP, before opening an account or extending credit, your bank
must be reasonably satisfied that the customer is who they say they
are. See 31 CFR §103.121(a)(1)(i).
In doing so, your bank must obtain the customer's name, address, date
of birth, and identifying number. 31 CFR §103.121(b)(2) . Your bank
must also verify this information. See 31 CFR §103.121(b)(2)(i).
The IRS has implemented a TIN Matching program. You can learn more about it here.