USA PATRIOT Act
Section 326 of the USA PATRIOT ACT requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
This federal requirement applies to all new customers.
This information is used to assist the United States government in the fight against the funding of terrorism and money-laundering activities.
What this means to you:
When you open an account, we will ask each person for their name, physical address, mailing address, date of birth, and other information that will allow us to identify them.
Additionally, FinCEN has adopted what they describe as a “two pronged” approach to beneficial ownership.
The ownership prong includes all natural persons with 25% or more direct or indirect equity interest in a legal entity while the control prong is a single individual with significant managerial responsibility (the Rule says “control, manage or direct”) over the legal entity.
We will ask to see each person’s driver’s license and other identifying documents, and copy or record information from each of them.