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On OCTOBER 26, 2001, President Bush signed into law the USA PATRIOT act.
Uniting and
Strengthening
America by
Providing
Appropriate
Tools
Required to
Intercept and
Obstruct
Terrorism
-Section 326 of the Act requires the establishment of minimum standards that financial institutions must meet to identify a customer before opening an account.
(BSA)
(AML)
(OFAC)
The following information must be obtained through identification materials prior to opening an account:
-It is the policy of the Credit Union to request:
Account Opening Procedures (pg.2 of 2-2002)
Out-of-State DL only if family member of known existing member with Operations approval.
USE your branch's current ID book and black light to chek the validity of suspicious IDs.
Other secondary IDs may be accepted based on member's age 65+
-Member can use two different primary IDs in lieu of a Primary/Secondary except using both FLDL & FLID.
During the account opening process, it's OKAY and it's IMPORTANT to ask questions.
-Observe potential member's body language and how they answer questions
-Compare answers to Efunds, Chexsystems, and Credit Report(s).
-Large currency withdrawals from an account that has no prior history of such transactions.
-Significant international wire transfer activity (both receiving and sending)