QUESTION
CAN A BANK USE THE PATRIOT ACT TO ASK ME QUESTIONS ABOUT AN IRA ACCOUNT THA I HAVE IN IT FOR MORE THAN 10 YEARS ?
Asked on Sep 16th, 2011 on Business Law - Puerto Rico
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Under the anti-money-laundering provisions of the USA PATRIOT Act, banks are required to know their customers. In the course of opening an account, a bank may ask the prospective new account holder whether he or she is the same person that owns an existing account and may ask questions to determine the truth of those statements.
Answered on Sep 16th, 2011 at 2:45 PM