Patriot's Act Compliance Policy

8/29/2003

Patriot's Act - Policy and Procedures

The most recent revision to the Bank Secrecy Act is the Patriot's Act of 2001,which was passed in the wake of the September 11, 2001 terrorist attacks. The Patriot's Act has changed or added several provisions for the Bank Secrecy Act and includes the Office of Foreign Assets Control (OFAC) provisions and regulations.

Testing of the Patriot's Act

MCAS Beaufort Federal Credit Union will have an independent third party Patriot Bankcard, test all the provisions listed in the Patriot's Act annually.

New Account Member Verification

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 person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

We may also ask to see your driver's license and other identifying documents.