The Financial Crimes Enforcement Network (FinCEN) has issued a notice to clarify its position regarding the customer identification program rule (CIP rule) obligations of securities clearing firms in circumstances where account opening and order taking responsibilities are exclusively allocated to an introducing firm under a fully disclosed clearing agreement. Under these circumstances, FinCEN explained that it would take no action against a clearing firm for not complying with the CIP rule in order to promote consistency with the application of the CIP rules to intermediated relationships in other industries. The no-action position does not affect a clearing firm’s obligation to implement risk-based policies and procedures for assessing the money laundering risk posed by its fully disclosed clearing arrangements and for detecting and reporting suspicious activity.