As of July 24, 2002 all financial institutions are required by federal law to perform "due diligence when opening an account" by implementing a customer identification program. The following provisions of the U.S. Patriot Act are intended to facilitate the prevention, detection and prosecution of international money laundering and the financing of terrorism.
1) Reasonable procedures must be implemented to verify the identity of any person seeking to open an account.
2) Records of the information obtained to verify the person's identity must be maintained.
3) A person's identity on any list of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency must be determined.
Anyone wishing to open an account or add a signatory to an account must provide name; address; for individuals, date of birth and an identification number. For U.S. persons a taxpayer ID # ; passport #; alien ID card # or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard.
1) Reasonable procedures must be implemented to verify the identity of any person seeking to open an account.
2) Records of the information obtained to verify the person's identity must be maintained.
3) A person's identity on any list of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency must be determined.
Anyone wishing to open an account or add a signatory to an account must provide name; address; for individuals, date of birth and an identification number. For U.S. persons a taxpayer ID # ; passport #; alien ID card # or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard.
