PFPC is offering a new service to help mutual fund companies meet the requirements of the customer identification program (CIP) regulations of the USA PATRIOT Act, which go into effect Oct. 1.
The CIP rules help firms verify an investors identity by requiring a physical mailing address and a Social Security number or other ID number. They also require investment firms to reject applications or transactions if proper identification has not been obtained.
In addition, PFPC announced that it has expanded its PATRIOT Act compliance team. Ane K. Ohm, a vice president with Strong Investor Services, said her firm has selected PFPCs new CIP services because they are thorough and the service provider "has proven it is committed to addressing all of our CIP needs."