Patriot Act Compliance
Mississippi Public Employees Credit Union is adopting this policy to comply with the requirements of the USA Patriot Act to establish the identity of individuals and entities opening accounts at the credit union.
At a minimum our Customer Identification Program (CIP) will include:
* Verifying the identity of any member or person seeking to open an account;
* Maintaining records of the information used to verify identity, using unexpired
government issued identification and/or non-documentary verification methods;
* Determining whether the person appears on any government list provided to the
credit union by federal agencies.
New members and existing members who establish any type of account, savings, checking, certificate of deposit, or loan accounts will be subject to the CIP procedures. This will include joint owners, co-borrowers, beneficiaries, or any other individual or entity establishing a formal account relationship with the credit union. They will be required to provide 2 forms of identification to include a current driver's license or a current government issued identification card AND a social security card.
All new members must provide a name, date of birth, address, and identification prior to opening any account. We will maintain this information for five years after the account is closed. We will take reasonable steps in verifying this information through documentary or non-documentary verification methods as required by the CIP regulations. The verification methods we will accept are specified in our CIP procedures.
MSPECU 's CIP program will require additional verification for individuals whose identity cannot be verified using the standard verification methods. We will not open an account if the identity can not be confirmed.
We are in compliance with the PATRIOT Act requirements and have implemented the necessary steps to be remain compliant with this regulation.