USA Patriot Act
According to the Federal Trade Commission, Identity theft is the fastest-growing crime in the country. Our ability to feel safe is becoming more difficult with terrorism and crime on a steady increase.
But there is hope….
The USA PATRIOT ACT has paved the way for financial institutions to help prevent fraud, Identity theft and the spread of terrorism. It requires financial institutions to obtain more information from an individual or legal entity to help establish identity.
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.
Your cooperation is needed when you open a new account or request a loan. You may be asked more questions to establish and confirm your identity. It may also be required for you to provide one or more of the following types of Identification:
- Driver’s license
- Passport and country of issuance
- U.S. taxpayer identification (ID) number
- Alien ID card
- Any other government-issued document evidencing nationality or residence