Section 326 Verification Of Identification

L identification and verification of accountholders.

Section 326 verification of identification. Verification of identification prescribes regulations establishing minimum standards for financial institutions and their customers regarding the identity of a customer that shall apply with the opening of an account at the financial institution. In addition even when a bank is relying on the verification of identity performed by another institution the bank would continue to be responsible for complying with all remaining requirements of the cip rule namely the requirement that it keep records provide customer notice and as soon as a section 326 list has been designated check the list when a new account is opened. A bank must implement a written customer identification program cip appropriate for its size and type of business that at a minimum includes each of the requirements of paragraphs a 1 through 5 of this section.

1 in general subject to the requirements of this subsection the secretary of the treasury shall prescribe regulations setting forth the minimum standards for financial institutions and their customers regarding the identity of the customer that shall apply. Treasury s implementing rule requires a broker dealer s cip to include at a minimum procedures for. The final rules implementing section 326 of the patriot act require that financial institutions maintain records of the steps taken to verify identity including all relevant information in an identification document such as address document number etc.

Minimum requirements 1 in general. 1 section 326 of the act adds a new subsection l to 31 u s c. Section 326 of the act contemplates that financial institutions will provide their customers with adequate notice of the customer identification procedures.

If a bank is required to have an anti money laundering compliance program under the regulations. A customer identification program. In addition even when a bank is relying on the verification of identity performed by another institution the bank would continue to be responsible for complying with all remaining requirements of the cip rule namely the requirement that it keep records provide customer notice and as soon as a section 326 list has been designated check the list when a new account is opened.

A in general section 5318 of title 31 united states code as amended by this title is amended by adding at the end the following. 5318 of the bank secrecy act bsa. L identification and verification of accountholders.

A in general section 5318 of title 31 united states code as amended by this title is amended by adding at the end the following.