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USA PATRIOT Act |
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The USA PATRIOT Act
The USA PATRIOT Act, enacted in 2001, is designed to detect, deter, and punish terrorists in the United States and abroad. The USA PATRIOT Act imposes new anti-money laundering requirements on brokerage firms and financial institutions. By April 24, 2002, all banks, brokerage firms and firms dealing with lending were required to have new, comprehensive anti-money laundering programs. To help you understand these efforts, we want to provide you with some information about money laundering and our steps to implement the USA PATRIOT Act. Executive from IEV Capital, Ryan Sumstad, recently wrote an article on the topic called The Patriot Act: Placing Finance on the Frontlines. The article focuses on how the USA PATRIOT Act and other related regulations impact the small business owner's abilty to receive financing. Read the article.
What is money laundering?
Money laundering is the process of disguising illegally obtained money so that the funds appear to come from legitimate sources or activities. Money laundering occurs in connection with a wide variety of crimes, including illegal arms sales, drug trafficking, robbery, fraud, racketeering, and terrorism.
How big is the problem? Why is it important?
The use of the U.S. financial system by criminals to facilitate terrorism or other crimes could well taint our financial markets. According to the U.S. State Department, one recent estimate puts the amount of worldwide money laundering activity at $1 trillion a year.
Our Commitment to Compliance
IEV Group of Companies is committed to complying fully with all applicable laws and regulations relating to combating money laundering and any activity which facilitates the funding of terrorist or other criminal enterprises.
Customer Identification Program
Important information conducting a transaction with us: To help the government fight the funding of terrorism and money laundering activities, U.S. Federal law requires financial institutions to obtain, verify, and record information that identifies all parties defined as a "customer" as well as, in certain cases, individuals or entities who have control over or are associated with an account.
What this means for you: from the very begining we will collect, verify and record certain identifying information.
- If you are conducting a transaction for an institution, we will ask for the entity’s: name, address, taxpayer identification number, affiliations and ownership. We may ask to see certified articles of incorporation or other identifying documents on the entity. Additionally, we may request identifying information on the individuals or entities that have control over or are associated with an account.
- If you are conducting a transaction for yourself or another individual, we will ask for the name, address, date of birth, social security number, and other information that will allow us to identify all customers on the account. We may also ask to see a driver’s license, passport or other identifying documents.
If you are interested in conducting a transaction, contact a representative to see how we can put our expertise to work for you.
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