Can the packet be eSigned?

Yes. Electronic signatures are legally enforceable in the United States under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted, provided intent, consent, attribution, and retention requirements are met.

Is notarization required?

Not generally required for CIP itself, but certain documents (deeds, some affidavits, or state‑specific filings) may need notarization or witnesses depending on jurisdiction and document type.

What if names do not match?

Name mismatches between IDs and formation records typically trigger manual review and may require certified corrections or notarized affidavits before the account or transaction proceeds.

Who can sign the packet?

An authorized signer named in a corporate resolution, operating agreement, or other governance document should sign; include a resolution if authority is not evident from formation papers.

How long must records be retained?

Retain packets per applicable federal and state rules: IRS generally three years (IRC §6501(a)), HIPAA six years (45 CFR §164.530(j)), and longer where industry or state law requires it.

How to correct submitted errors?

Submit an amended packet or corrective affidavit with clear annotations; document the correction in the audit trail and maintain both original and corrected records for regulators.

Business CIP Packet

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

BUSINESS CIP PACKET

Client Name: Service Provider:

Entity Identification

Business Legal Name DBA / Trade Name (if any)

Employer Identification Number (EIN)

Formation State / Jurisdiction

Principal Business Address Mailing Address (if different) Entity Type (select all that apply)

C Corporation S Corporation LLC Partnership Trust/Other

WHEREAS

WHEREAS, Client is a business organized and existing under the laws of the jurisdiction identified above and requires that the Service Provider perform Customer Identification Program (CIP) and related compliance, onboarding and verification services in connection with establishing and maintaining a business relationship; and

WHEREAS, Service Provider has the expertise and systems necessary to conduct CIP procedures, collect required documentation, verify beneficial ownership, and to provide certification and record retention services in accordance with the business relationship described herein; and

NOW, THEREFORE, in consideration of the mutual covenants contained in this Packet and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as set forth below.

Scope of Work

Service Provider shall perform the following CIP, verification and onboarding services for Client:

Beneficial Ownership and Authorized Signers

List all beneficial owners owning 25% or more, and any authorized signers for the account. Attach certified copies of identification where required.

Beneficial Owner 1 — Full Name

Identification Provided Beneficial Owner 2 — Full Name

Identification Provided

Documents and Evidence Provided

Check all documents provided with this packet:

Articles of Incorporation or Organization Operating Agreement / Bylaws EIN Issuance Confirmation Business License / Registration

Payment Terms

Client agrees to pay Service Provider for the services described in the Scope of Work under the following terms:

Total Fee

Payment Schedule

Late Payment Fee

All invoices are due in accordance with the Payment Schedule. Client acknowledges that failure to timely pay may result in suspension of services and recovery costs, including collection fees and attorneys' fees incurred to enforce payment obligations.

Term and Termination

Term Commencement Date: Term End Date:

Either party may terminate this Packet for convenience upon written notice to the other party delivered at least days in advance. Termination for cause may be immediate if a party materially breaches its obligations and fails to cure within 10 days of written notice.

Confidentiality

Each party shall hold confidential and not disclose to any third party any Confidential Information received from the other party, except as required by law or regulation. "Confidential Information" includes non-public business, financial, customer, and compliance-related information disclosed in connection with CIP services. Confidentiality obligations shall survive termination for a period of five (5) years.

Notwithstanding the foregoing, Service Provider may disclose Confidential Information to its employees, agents or subcontractors on a need-to-know basis provided such persons are bound by confidentiality obligations no less restrictive than those herein, and Provider remains responsible for any breach by such persons.

Compliance and Certifications

Client certifies, to the best of its knowledge, that all information, documentation, and identifications provided in this Packet are true, complete and accurate. Client further acknowledges that false statements or material omissions may be subject to civil or criminal penalties under applicable law.

Compliance Representative Name Compliance Representative Title

Governing Law; Entire Agreement

This Packet shall be governed by and construed in accordance with the laws of the state or jurisdiction in which the Service Provider maintains its principal place of business, without regard to conflicts of law principles. The parties agree that any litigation arising out of or related to this Packet shall be brought in the state or federal courts located within that jurisdiction.

This Packet, including all exhibits and attachments delivered with it and any written amendments executed by both parties, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, proposals and communications, whether oral or written.

Data Retention and Recordkeeping

Service Provider shall maintain records of identification and verification in accordance with applicable law and industry standards for a minimum period of five (5) years from the date services are rendered or as required by law. Client authorizes Service Provider to retain copies of identification and supporting documents for that period.

Limitations of Liability

Except for willful misconduct or gross negligence, neither party shall be liable for consequential, incidental, special, or punitive damages arising out of or related to this Packet. Service Provider's aggregate liability for claims arising under or related to this Packet shall not exceed the total fees paid by Client under this Packet during the six (6) month period immediately preceding the claim.

Acknowledgement

By signing below, the undersigned represent and warrant that they are duly authorized to execute and deliver this Packet on behalf of the party for whom they sign and that the information provided herein is true and complete.

Client Printed Name:

By:

Date:

Title:

Service Provider Printed Name:

By:

Date:

Title:

What the Business CIP Packet Is and When It’s Used

A Business CIP Packet is a standardized set of documents and data used to verify a legal entity and its authorized signers during business onboarding and account opening. It typically collects the business’s legal name, formation documents, employer identification number (EIN), beneficial ownership disclosures, government‑issued IDs for authorized signers, and any corporate resolutions authorizing transactions. Financial institutions and other regulated entities use the packet to meet Customer Identification Program (CIP) and Customer Due Diligence (CDD) obligations under the Bank Secrecy Act and FinCEN rules.

Why a Complete Business CIP Packet Matters

A complete packet reduces onboarding delays, supports compliance with BSA/FinCEN CDD expectations, and documents authority for transactions. Proper completion helps avoid account holds, regulatory inquiries, and downstream reconciliation problems.

Who Prepares and Relies on Business CIP Packets

Typical preparers and recipients vary by role and industry; accuracy and authorization are the main priorities.

Bank compliance teams and onboarding specialists handling account openings and KYC checks.
Business owners and company administrators providing formation papers and beneficial owner details.
Legal counsel or corporate secretaries preparing resolutions and confirming signer authority.

Clear responsibilities speed review: the preparer supplies certified documents, the recipient verifies identity, and compliance files the record.

Primary Roles Involved

Compliance Officer

A compliance officer reviews the packet for completeness against CDD/CIP standards, verifies IDs, documents beneficial owners, and documents any exceptions or follow‑up requests in the compliance record.

Business Owner

A company principal or authorized signer supplies formation documents, EIN, beneficial owner information, and signed resolutions; accuracy here determines whether accounts can be opened or transactions authorized.

Core Elements to Include in a Professional Packet

Assemble consistent, original or certified copies and clear attestations so reviewers can confirm identity, ownership, and signing authority without additional requests.

Legal Formation Document

Articles of incorporation, certificate of formation, or equivalent that show the entity’s legal name, formation date, and jurisdiction; include any amendments to maintain a complete record.

EIN / Tax ID

Employer Identification Number assigned by the IRS; used for tax reporting and to match business records to federal tax filings.

Beneficial Ownership

A list of beneficial owners with names, ownership percentages, and government IDs to satisfy FinCEN CDD requirements and identify controlling persons.

Authorized Signer Resolution

Corporate resolution, operating agreement excerpt, or minute authorizing specific individuals to execute agreements and open accounts on the company’s behalf.

Government ID

Unexpired, government‑issued photo ID for each signer (passport, driver’s license) submitted as scans or notarized copies to confirm identity.

Supporting Exhibits

Operating agreements, partnership agreements, DBA filings, or certificates of good standing that clarify authority and business structure for reviewers.

Step‑by‑Step: Filling Out a Business CIP Packet

Complete the packet in the order below to avoid missing dependencies between fields and required attachments.

01

Gather documents: Collect formation records, EIN letter, and IDs.
02

List owners: Record beneficial owners and ownership percentages.
03

Prepare resolution: Attach a signed authorization for the signer.
04

Review and submit: Confirm names and dates, then upload or deliver packet.

How to Configure an Online Packet Workflow

Set up the digital workflow to enforce required fields, signer order, and retention automatically before sending the packet for signature.

Field	Configuration
Signer Authentication	Email link plus SMS code for higher assurance.
Conditional Fields	Show ownership fields only when entity type requires them.
Template Locking	Lock core fields to prevent accidental edits.
Retention Settings	Enable automatic archiving and exportable audit trail.

Typical Submission Flow for eSubmission

A consistent sequence reduces friction: uploader configures, signers authenticate, signatures are captured, and the system stores an auditable record.

Upload: Sender uploads packet and attachments.
Assign fields: Place name, date, initial, and ID fields.
Authenticate signer: Signers verify via email or SMS code.
Complete and archive: System stores signed PDF and audit log.

Technical Considerations for Digital Completion

Ensure the platform supports required authentication, secure storage, and exportable audit trails before accepting eSigned packets.

Authentication: Email, SMS code, and optional KBA.
File formats: PDF, DOCX, and exported audit report.
Integrations: CRM and document storage connectors.

Check for SOC 2, HIPAA BAA availability, and ISO/industry certifications if handling regulated information to align with compliance requirements.

Common Mistakes That Delay Packet Acceptance

Submitting unsigned resolutions or unsigned beneficial ownership attestations that require follow‑up and re‑execution.
Name mismatches between government IDs, formation documents, and the signer block that lead to verification failures.
Providing expired or low‑quality ID scans that fail identity proofing checks and trigger manual review.
Omitting required corporate exhibits such as amendments or operating agreements that clarify signer authority.

Risks and Consequences of an Incomplete or Incorrect Packet

Account Holds: Delayed access and frozen transactions.

Regulatory Fines: BSA/CIP violations can prompt enforcement.

Backup Withholding: Incorrect TINs may trigger 24% withholding.

Reputational Risk: Repeated errors harm trust with partners.

Operational Delays: Manual remediation increases processing time.

Contract Invalidity: Improper authorization may void agreements.

Key Timing Considerations and Legal Deadlines

Complete collection and verification promptly; certain records and retention obligations are governed by federal rules and agency guidance.

Account Opening:

Collect CIP information at initiation of the account relationship.

I‑9 Retention:

Retain I‑9 forms three years after hire or one year after termination per 8 CFR §274a.2.

W‑9 Requests:

Provide W‑9 information upon request from the payer; no fixed filing deadline.

Record Retention:

Keep core records per federal retention standards and industry rules.

Beneficial Owner Updates:

Update ownership information when material changes occur during the relationship.

Key Milestones in the Packet Lifecycle

Track the packet through intake, verification, authorization, archival, and periodic review to maintain compliance and readiness for audits.

01

Intake and Submission

Sender collects documents and submits the complete packet to compliance for review.

02

Verification Review

Compliance verifies IDs, formation records, and beneficial ownership details.

03

Authorization Confirmed

Signatures and corporate resolutions are validated and recorded.

04

Archive and Retention

Signed packet and audit trail are archived with retention metadata.

Security and Compliance Facts to Record

Encryption: TLS 1.2/1.3 in transit

Data at Rest: AES‑256 encryption

Certifications: SOC 2 Type II available

HIPAA: BAA required for PHI

eSign Law: ESIGN and UETA compliant

Audit Trail: Comprehensive timestamped logs

Real‑World Examples of Packet Use

These examples show how organizations assemble packets and the operational benefits of complete records without implying endorsement.

Optica Ventures LLC

Brian Fitzgibbons described simpler customer interactions after standardizing packet intake

Team reduced back‑and‑forth by centralizing required exhibits
Clear templates allowed faster verification and fewer manual checks, resulting in more consistent onboarding across the organization while preserving auditability.

Martin Properties

Tim Martin reported completing documents online with security and compliance controls

Onsite and remote closings were supported via electronic workflows
The standardized packet reduced delays at closing, improved record retention, and ensured signers had the required authority documented for property transactions.

Selected eSignature Pricing and Feature Comparison

Compare typical starting prices and select feature items across vendors; signNow appears first in the table for parity and direct comparison.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	Yes, 7‑day trial	No	No	Yes, limited	Yes, limited
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No
Envelope Cap	No cap	100 envelopes/user/year	Varies by plan	Varies by plan	Varies by plan

Frequently Asked Questions About the Business CIP Packet

Answers to common practical and compliance questions about preparing, submitting, and maintaining the Business CIP Packet.

Need help? Contact support

Can the packet be eSigned?
Yes. Electronic signatures are legally enforceable in the United States under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted, provided intent, consent, attribution, and retention requirements are met.
Is notarization required?
Not generally required for CIP itself, but certain documents (deeds, some affidavits, or state‑specific filings) may need notarization or witnesses depending on jurisdiction and document type.
What if names do not match?
Name mismatches between IDs and formation records typically trigger manual review and may require certified corrections or notarized affidavits before the account or transaction proceeds.
Who can sign the packet?
An authorized signer named in a corporate resolution, operating agreement, or other governance document should sign; include a resolution if authority is not evident from formation papers.
How long must records be retained?
Retain packets per applicable federal and state rules: IRS generally three years (IRC §6501(a)), HIPAA six years (45 CFR §164.530(j)), and longer where industry or state law requires it.
How to correct submitted errors?
Submit an amended packet or corrective affidavit with clear annotations; document the correction in the audit trail and maintain both original and corrected records for regulators.

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