Important information about procedures for opening a new account

Pursuant to NASD Notice to Members 02-21 referencing the PATRIOT Act and the NASD Anti-Money Laundering (AML) Program Rule, and 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.

All registered Broker Dealers will ask for a copy of the customer’s photo identification to be included with the new account paper work. A readable copy of their Passport, Drivers License, or Photo ID will suffice.

The preferred identification would also have a copy of their signature. All new customer accounts should have a copy attached or faxed with their paper work.

If the customer refuses to provide any type of photo identification, ¡ may deny them the privilege of opening an account. Under the new laws enacted by the Patriot Act, the name, citizenship and residence of customers doing business with US firms must be known.

The regulations requiring identity verification are part of the USA Patriot Act passed in October 2001.  The Act is designed among other thing to protect the investing public and the securities markets by helping to prevent fraud and identity theft.

Similar regulations are being adopted by the EU

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