In October of 2001, President Bush signed into law the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act). The Act is designed to forestall, identify, and pursue terrorism and illegal international money laundering. This Act requires account-holding financial institutions to establish a Customer Identification Program by 2002.
In October of 2002, the Board of Directors of the USDA Credit Union established policies and procedures for compliance to the USA PATRIOT Act. Our obligation under this Act requires us to effectively maintain and service your account by;
- Collecting identification information, name, address, date of birth, social security number.
- Verifying that information using a valid drivers license.
- Screening this information using certain resources, including information published by governmental agencies.
- Maintaining records relevant to the verification process.
If the account is being established for a minor, the guardian parent must provide the required forms of identification and a social security card for the minor child.
Your assistance in meeting our obligation under this Act is greatly appreciated as part of an effort to combat terrorism in one of the most effective ways possible, denying terrorists and others engaged in illicit activity access to our financial services.