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The main purpose of the USA Patriot Act of 2001 in relation to the Customer Identification Program is fundamentally about requiring identification verification for new accounts. This legislation was enacted in response to the events of September 11, 2001, with the intention of preventing and combating terrorism, and it includes measures aimed at enhancing the nation’s ability to detect and deter money laundering and other related financial crimes.
The Customer Identification Program (CIP) outlined in the USA Patriot Act mandates that financial institutions implement procedures to verify the identity of individuals who open accounts. This requirement is vital as it helps prevent the opening of accounts by individuals seeking to conduct illicit activities, such as terrorism financing or money laundering.
By ensuring that institutions obtain and verify identifying information for all new account holders, the CIP creates a more secure banking environment and strengthens the overall integrity of the financial system, fulfilling a critical national security objective. Thus, the focus on identification verification directly aligns with the objectives set forth by the Patriot Act, making it the correct answer to the question.