Series 7 Flashcards: Apply Customer Identification Rules

Study Apply Customer Identification Rules in Series 7 with focused flashcards that help you recognize the idea, recall the key rule, and apply it in practice-style prompts.

QUESTION

Which federal rule requires a broker-dealer to establish a Customer Identification Program (CIP)?

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ANSWER

USA PATRIOT Act (implemented via FinCEN CIP rules). The USA PATRIOT Act mandates broker-dealers to implement CIP through FinCEN rules to combat money laundering and terrorism financing.

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Series 7: Function 2: Opens Accounts

You are hereApply Customer Identification Rules25 cards

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Apply Supervisory Approval Requirements24 cards

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What this deck covers

This deck focuses on Apply Customer Identification Rules, giving you a quick way to review the definitions, rules, and examples that matter most for Series 7.

How to use these flashcards

Work through these flashcards in short sessions. Try to answer each prompt before flipping the card, then revisit any cards you miss until the explanation feels automatic.

Practice questions

1 of 50Practice questions for this set

Which of the following best describes the primary purpose of the 'Know Your Customer' (KYC) rule?

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