Before concluding any transaction
with respect to which a report is required under section 1010.311,
section 1010.313, section 1020.315, section 1021.311 or section 1021.313
of this chapter, a financial institution shall verify and record the
name and address of the individual presenting a transaction, as well
as record the identity, account number, and the social security or
taxpayer identification number, if any, of any person or entity on
whose behalf such transaction is to be effected. Verification of the
identity of an individual who indicates that he or she is an alien
or is not a resident of the United States must be made by passport,
alien identification card, or other official document evidencing nationality
or residence (e.g., a Provincial driver’s license with indication
of home address). Verification of identity in any other case shall
be made by examination of a document, other than a bank signature
card, that is normally acceptable within the banking community as
a means of identification when cashing checks for nondepositors (e.g.,
a driver’s license or credit card). A bank signature card may be relied
upon only if it was issued after documents establishing the identity
of the individual were examined and notation of the specific information
was made on the signature card. In each instance, the specific identifying
information (i.e., the account number of the credit card, the driver’s
license number, etc.) used in verifying the identity of the customer
shall be recorded on the report, and the mere notation of “known customer”
or “bank signature card on file” on the report is prohibited.
