Common use of OFAC and Patriot Act Notice Clause in Contracts

OFAC and Patriot Act Notice. Merchant, its principal owner(s) and guarantor(s) acknowledge that Bank is required by federal law (Section 326, USA PATRIOT Act of 2001) to inquire with the Office of Foreign Asset Control (OFAC) of the U.S. Treasury Department if Merchant, its principal owner(s), proprietor(s), officer(s) or Guarantor(s) are present on any lists maintained by OFAC prior to accepting Merchant. To help the government fight the funding of terrorism and money laundering activities, the USA PATRIOT ACT requires all financial institutions to obtain, verify, and record information that identifies each person (including business entities) who opens an account. What this means: When you open an account, as defined as a formal relationship established with Service Provider to provide or engage in financial services, dealings, or transactions, Service Provider may ask for the applicant’s and/or your name, physical address, date of birth, taxpayer identification number, and other information that will allow Service Provider to identify the applicant and you. Service Provider may also ask to see the applicant’s driver’s license or other identifying documents. Service Provider will let you know if additional information is required. Further, you must adhere to all applicable guidelines of the USA PATRIOT Act. You acknowledge receipt of the following notice. NOTICE: 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, and other information that will allow us to identify you. We may also ask to see identifying documents.

OFAC and Patriot Act Notice. MerchantXxxxxxxx, its principal owner(s) and guarantor(s) acknowledge that Bank is required by federal law (Section 326, USA PATRIOT Act of 2001) to inquire with the Office of Foreign Asset Control (OFAC) of the U.S. Treasury Department if Merchant, its principal owner(s), proprietor(s), officer(s) or Guarantor(s) are present on any lists maintained by OFAC prior to accepting Merchant. To help the government fight the funding of terrorism and money laundering activities, the USA PATRIOT ACT requires all financial institutions to obtain, verify, and record information that identifies each person (including business entities) who opens an account. What this means: When you open an account, as defined as a formal relationship established with Service Provider to provide or engage in financial services, dealings, or transactions, Service Provider may ask for the applicant’s and/or your name, physical address, date of birth, taxpayer identification number, and other information that will allow Service Provider to identify the applicant and you. Service Provider may also ask to see the applicant’s driver’s license or other identifying documents. Service Provider will let you know if additional information is required. Further, you must adhere to all applicable guidelines of the USA PATRIOT Act. You acknowledge receipt of the following notice. NOTICE: 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, and other information that will allow us to identify you. We may also ask to see identifying documents.