To help the 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 customer who opens an account. An account includes: deposit accounts, transaction or asset accounts, credit accounts or other extensions of credit, safe deposit boxes or other safekeeping services, a cash management, custodian, and trust services.
Specifically, in accordance with Section 326 of the USA PATRIOT ACT, all financial institutions are required to:
- Obtain certain information on any customer seeking to open a new account with the bank, including loans and deposit accounts, or safe deposit box.
- Verify the identity of all customers by requesting documentation, such as driver’s license or other identifying documentation. (In the case of online applications, an independent outside reporting agency is also utilized to verify and cross-check identification information provided by the account applicant.)
- Record the information used to verify the customer’s identity, such as name, residential address, date of birth, as well as any other information that is used to identify the customer.
The Provident Bank intends to comply with this law to the fullest extent by not only collecting the required information but also verifying the information provided by our customers. In some cases, identification will be requested for existing customers because original documentation was not obtained or documented when their initial accounts were established. In all cases, the protection and confidentiality of all of our customer’s personal information is the bank’s pledge to you.