Patriot Act and A.M.L. Compliance


Notice to our Clients:


To help fight the funding of terrorism and money laundering activities, U.S. federal law requires that all financial institutions obtain, verify, and record information that identifies each person opening an account. This simply means that when you open an account, you need to provide your name, address, date of birth, social security or tax I.D. number, and a driver’s license or other Government issued photo id to allow for proper identification. We maintain copies of these ids along with other account information for up to five years. With your assistance, we can all do our part to fight the war against terrorism, and minimize money laundering activities.


Fines for violating these regulations:


The fines for violations can be substantial. Criminal penalties can include fines ranging from $50,000 to $10,000,000 and imprisonment ranging from 10 to 30 years for willful violations. Depending on the program, civil penalties range from $250,000 or twice the amount of each underlying transaction to $1,075,000 for each violation. [11-16-07]


Summary of Anti-Money Laundering Regulations in USA Patriot Act

 

BSA Timeline


Thank you for your assistance!


United Gold Supply