As part of the Bank’s overall compliance with Bank Secrecy Act, Section 326 of the USA Patriot Act of 2001 requires prescribed regulations setting forth minimum standards for financial institutions that relate to the identification and verification of any person who applies to open an account. Those regulations require financial institutions to come into compliance that provided for adoption and implementation of a Customer Identification Program.
The Objective of the USA Patriot Act of 2001 is to have a clear and concise understanding of all bank customer practices in order to avoid criminal exposure to the bank by any customer who may use the bank’s resources for illicit purposes. Also, the objective is to attempt to ensure the immediate detection and identification of customers and any suspicious activity at the institution. Customers established prior to October 1, 2003, will not require additional identification as the bank has a reasonable belief that it knows its existing customers. However, it is imperative that the bank keep the most current records available on these existing customers. New customers will be notified by signage visibly posted in the lobby of the bank, prior to opening an account, that additional information will be required.
The notice is as follows:
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help our government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open a depository account, apply for a loan, open a trust relationship or open a safe deposit box, we will ask for your name, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying information. Concordia Bank and Trust Company will retain a copy of any document we rely on to verify your identity. Thank you for your cooperation in helping us comply with these identity requirements.
To learn more about online security, please call us at 1.318.336.5258 or visit one of or seven convenient locations.