The U.S. Patriot Act is intended to facilitate the prevention, detection, and prosecution of international money laundering and the financing of terrorism. The Act requires accountholders of financial institutions to comply with certain identification verification procedures. All financial institutions are required to verify the identification of accountholders.
In order to comply with the Act, Y-12 Federal Credit Union requires the following documentation prior to opening new accounts and commencing transactions:
- Individuals must present an unexpired government-issued identification that discloses nationality or place of residence and bears a photograph or similar safeguard. Verification of social security number may be required.
- Non-individuals must present documents showing the existence of the entity, such as articles of incorporation, government-issued business license, partnership agreement, or trust instrument.