Common use of USA PATRIOT ACT Requirements Clause in Contracts

USA PATRIOT ACT Requirements. 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 Merchant opens an account, Bank will ask for the applicant’s name, physical address, date of birth, taxpayer identification number, and other information that will allow Bank to identify the applicant. Bank may also ask to see the applicant’s driver’s license or other identifying documents. Bank will advise Merchant if additional information is required.

USA PATRIOT ACT Requirements. 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 Merchant MERCHANT opens an account, Bank will ask for the applicant’s name, physical address, date of birth, taxpayer identification number, and other information that will allow Bank BANK to identify the applicant. Bank may also ask to see the applicant’s driver’s license or other identifying documents. Bank will advise Merchant if additional information is required.