The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, commonly referred to as the USA Patriot Act, is a direct response to September 11, 2001. The Department of Treasury issued new regulations setting forth minimum standards for financial institutions that relate to the identification and verification of any person who applies to open an account. This law is intended to facilitate the prevention, detection, and prosecution of international money laundering and financing of terrorism.
Effective October 1, 2003, all credit unions and other financial institutions must be in compliance with the regulations of the Patriot Act. Therefore, YS Federal Credit Union (YSCU) adopted new procedures for opening new accounts. 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. YSCU will now 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 or other identifying documents. We ask for your cooperation and understanding in this effort to protect our nation.