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USA Patriot Act
Identification Verification Program Becomes Law

Federal regulations requiring financial institutions to intensify identification procedures for new accounts became law October 1, 2003.  The new regulations, based on the USA Patriot Act, are designed to facilitate the prevention, detection, and prosecution of international money laundering and the financing of terrorism.  In general, the regulations will apply to new accounts only.

Under the regulations, Stark Federal Credit Union, along with all other financial institutions, will be required to obtain, verify, and record information that identifies each person who opens an account.  Simply stated, we will ask for he name, address, date of birth, and other information, such as a government-issued photo ID, that will allow us to identify all new members.  The regulations also require that names be checked against a government list of potential terrorists.

Since Stark Federal Credit Union has always adhered to strict guidelines when opening new accounts, the new regulations will not dictate any major changes in the way we conduct business.  We ask for your understanding as we support these efforts to ensure the safety and security of your funds and our great nation.

 




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