Does the CIP rule allow a minor to open an account?

The CIP (Customer Identification Program) rule does allow for a minor to open an account, which is why the selected answer is suitable. Generally, financial institutions can establish accounts for minors, as minors are often seen as potential customers. However, while a minor can open an account, they usually require a custodian or parent/guardian to manage the account on their behalf until they reach the age of majority.

It's important to note that while minors can possess accounts, the specific process may vary across institutions. Some establishments might have their own rules regarding the age and type of accounts available to minors. Nonetheless, the underlying principle that the CIP rule permits minors to open accounts remains valid.