Why does CamaPlan require so much personal information to open an account?
Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. This is to minimize money laundering, terrorist funding , and other goals of the government laws such as the Patriot Act.
When you open an account, we will ask for your name, residence address, social security number, date of birth, occupation, and other information that will allow us to identify you.
We will ask for copies of your passport, driver’s license, social security card and other identifying documents. Your account name needs to match your social security card otherwise you may be fined (presently $100).
We are required to compare your identity to lists of persons and organizations maintained by federal agencies designated by the Department of the Treasury and/or Homeland Security(such as OFAC). If your name appears on any of these lists, we must refuse to open your account, close your account if it is already open, notify federal authorities, and follow all federal directives.
If you attempt to falsify or conceal your identity, we may be required to file documents such as a Suspicious Activity Report.