This whole patriot act/credit card has been bugging me.
So I stayed up late and did some digging on compliance issues in regards to financial institutions.
I found the following two Q&A's on Compliance Headquarters.com in regards to the patriot act under section 326:
Question: Are two forms of identification required by section 326 of the USA PATRIOT Act?
Answer: The minimum requirements of section 326 of the USA PATRIOT Act appear to be satisfied by only one form of identification, provided it is (a) for an individual, an unexpired government-issued identification document evidencing nationality or residence bearing a photograph or similar safeguard, such as a driver’s license or passport, and (b) for a non-individual entity such as a corporation or partnership, a document showing the existence of the entity, such as certified articles of incorporation, a government-issued business license, or partnership agreement.
Question: How can we verify the identity of an elderly person with no driver’s license?
Answer: The regulations to USA PATRIOT Act section 326 require verification of the identity of an individual opening a new account by either documentary or non-documentary means. The regulations state that documentary means “may include…unexpired government-issued identification evidencing nationality or residence and bearing a photograph or similar safeguard, such as a driver’s license or passport”. If the individual does not have a driver’s license or passport, a government-issued identification card or license bearing a photograph or similar safeguard (such as a finger print) should be sufficient. Moreover, the regulations require your customer identification program (CIP) to address situations in which an individual is unable to present a government-issued identification document. In this situation, you may need to rely on non-documentary methods of verification, such as comparison of information provided by the individual with information obtained from a consumer reporting agency, a public database, or other source. The ultimate test of the sufficiency of any such non-documentary means of verifications is whether it allows you to form a reasonable belief that you know the true identity of the individual.
What exactly qualifies as non-documentary id? Well here's a list:
A firearm permit.
A current utility bill.
A current bank statement.
A paycheck.
A government check.
Voter's identification card issued by the voter registration commission.
A card issued by a state or federal agency (e.g.: U.S. social security card).
Comments
hmmm so where did they come up with a credit card? Sounds like the bank is not in compliance to me.
Posted by: Sue | July 9, 2004 9:49 AM
Are you going to go back to the bank with this?
Posted by: Bill | July 9, 2004 10:01 AM
Of course I am. I am going to print out section 326 along with the compliance information and tell them that they are the ones not in compliance. I thought I might add a few choice words too but nah, just knowing that I am right and they are wrong is good enough for me.
Posted by: kat | July 9, 2004 10:03 AM
Exactly Sue. They can ask for a credit card but they have to take other forms of id if the person applying does not have one.
Posted by: kat | July 9, 2004 10:04 AM
What a bunch of bull, first the gov. screws ya then the banks.
Not that we could trust either of those to begin with but still. :-P
Posted by: squishybear | July 12, 2004 11:00 AM