1. What is the USA PATRIOT Act?
The USA PATRIOT Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act) was enacted in response to the terrorist attacks of September 11, 2001. This law significantly expanded the authority of U.S. law enforcement to detect and deter terrorism.
Key Provisions: The Act includes measures to prevent, detect, and prosecute international money laundering and financing of terrorism.
2. Customer Identification Program
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.
Important: We cannot open an account or conduct transactions until we have verified your identity.
3. Required Information
When you open an account, we are required to collect the following information:
| For Individuals | For Businesses |
|---|---|
| Name | Business Name |
| Date of Birth | Business Address |
| Residential Address | Tax Identification Number |
| Social Security Number | Ownership Information |
| Government-issued ID | Government-issued IDs for Beneficial Owners |
4. Why We Collect This Information
The information we collect helps us:
- Verify your identity as required by law
- Protect you and the bank from fraud
- Comply with anti-money laundering regulations
- Prevent terrorist financing activities
We may also ask to see your driver's license or other identifying documents to verify the information you provide.
5. Your Privacy
While we are required to collect this information, we are also committed to protecting your privacy:
- We maintain physical, electronic, and procedural safeguards
- We limit employee access to your information
- We do not share your information except as required by law
For more information about how we protect your privacy, please review our Privacy Policy.
6. Questions
If you have any questions about our USA PATRIOT Act compliance or identification requirements:
- By email: compliance@sterrabank.com
- By phone: (410)-514-7825
- By mail: 2065 Columbia Boulevard, Dorrs Corner, Maryland 21108
