The DNA deaminase AID initiates somatic hypermutation (SHM) and class switch recombination (CSR) by deaminating cytidines to uridines at variable region (V) genes and switch (S) regions. The mechanism by which AID is recruited to V genes and S region DNA is poorly understood. Here we have employed the CH12 B lymphoma line to demonstrate that while S regions can efficiently recruit AID and undergo mutations and deletions, AID neither binds to nor mutates the V gene, thus clearly demonstrating intra-immunoglobulin locus specificity. Depletion of the RNA-binding protein Ptpb2, previously shown to promote recruitment of AID to S regions, enables stable association of AID with the V gene. Surprisingly, AID binding to the V gene does not induce SHM. These results unmask a striking lack of correlation between AID binding and its mutator activity, providing evidence for the presence of factors required downstream of AID binding to effect SHM. Furthermore, our findings suggest that S regions are preferred targets for AID and, aided by Ptbp2, act as “sinks” to sequester AID activity from other genomic regions.