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Originally posted by ItsHumanNature
Yes it can they can not only block acces to it they can seize it. If your worried about it keep some cash around just in case. And remember, just because your paranoid doesn't mean they are not after you.
Patriot Act makes banks pry into new accounts
By Laura Bruce • Bankrate.com
"To deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigatory tools, and for other purposes."
-- From the Patriot Act, Congress, Oct. 24, 2001
The anti-money-laundering provisions of the Patriot Act are about to be noticed by consumers who open new accounts with financial institutions. Even if you have a checking account with a bank and you decide to open an IRA or a savings account with the same bank, you can expect to be asked some prying questions that may make you uncomfortable.
Banks, savings associations, credit unions, brokerages and mutual funds are expected to comply with the provisions as of Oct. 1.
Here is what is required when a new account is opened:
A. The institution must verify the identity of any person seeking to open an account by obtaining customer identification that includes:
2. Date of birth
4. Identification number -- a taxpayer identification number for American citizens or a government-issued document for noncitizens.
B. The institution must maintain records of the information used to verify the person's identity.
Originally, the regulations required financial institutions to keep a photocopy of whatever document was used for identification. That rule has been changed; they will only have to keep a written record of the document.
C. Determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency.