The USA Patriot Act, also known as the Patriot Act, was enacted in October of 2001 by George W Bush and the Congress of the United States. The purpose of the act was to strengthen our country’s ability to actively fight terrorism in our country. Under section 326 of this act, banking institution have been required to do our part to limit and report questionable banking activities in an effort to fight terrorism and money laundering. As such, we actively investigate and document funds, verify and record information that identifies individuals who open accounts including deposit, retirement, and checking accounts or apply for loans including personal, business, auto, and mortgage. This means we will typically require the name, address (physical and/or mailing), date of birth, and any other information that will allow us to positively identify the person. We will also require some form of state or federal issued picture identification including Driver’s License or State Identification Card.
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