Identification Verification & Member Due Diligence Policy
TO COMPLY WITH THE USA PATRIOT ACT, ALL FINANCIAL INSTITUTIONS MUST HAVE IDENTIFICATION VERIFICATION PROCEDURES WHEN ESTABLISHING A NEW ACCOUNT AND, PURSUANT TO PROVISIONS OF THE BANK SECRECY ACT, MUST OBTAIN SUFFICIENT INFORMATION FROM A MEMBER TO ASCERTAIN THE NATURE OF THE ACTIVITY TO BE ASSOCIATED WITH THE NEW ACCOUNT.
To support the government in its fight against the funding of terrorism and money laundering activities, federal law now requires all financial institutions to obtain, verify and record information that identifies each person who establishes an account, including both deposit and loan accounts.
What this means to you:
When you open an account, we will ask you for your name, address, date of birth, social security number and any other information that will allow us to positively identify you. We will ask to see your driver’s license or other identifying document(s) that confirm your identifying information, and we will record the type and identifying number of that document. We will also ask you for information such as, but not limited to, your occupation, country of citizenship, previous banking references and the volume and sources of funds associated with your account.
Even if you have been a member of Sharon Credit Union prior to October 1, 2003, when you establish a new account after that date, we will have to ensure that we have satisfied the requirements of the law to obtain, verify and record your identifying information, as well as to understand the nature of the new account relationship with the Credit Union.
These procedures are mandated under Section 326 of the USA Patriot Act and pursuant to the provisions of the Bank Secrecy Act. Your cooperation will be greatly appreciated.