USA Patriot Act

Section 326 of the Act requires the creation of reasonable procedures to:

  • Verify the identity of any person seeking to open an account/establish any relationship with the credit union, to the extent reasonable and practical;
  • Maintain records of the information used to verify the person’s identity, including name, address, and other identifying information; and
  • Determine whether the person appears on any list of known or suspected terrorist organizations provided to the financial institution by any government agency.