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.
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.
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.