Identification Requirements

Identification Requirements

First Port City Bank is committed to upholding the highest standards of security and compliance in all our operations. In accordance with the United States Patriot Act, enacted to combat terrorism and money laundering activities, we have implemented robust identification measures to safeguard our customers and the integrity of the financial system. This website write-up serves as a comprehensive guide to our compliance efforts under the Patriot Act.

Last Updated: 01/01/2024


Understanding the Patriot Act: The USA PATRIOT Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001) is a federal law enacted in response to the September 11, 2001 terrorist attacks. It grants expanded powers to law enforcement and intelligence agencies to detect and prevent terrorism-related activities, including financial transactions.

Compliance Measures at First Port City Bank: At First Port City Bank, compliance with the Patriot Act is a top priority. We have implemented several measures to ensure adherence to its provisions, including:

  1. Customer Identification Program (CIP): We maintain a comprehensive CIP that requires the collection of identifying information from customers opening new accounts. This information includes name, address, date of birth, and identification number, such as a Social Security Number or Tax Identification Number.
  2. Enhanced Due Diligence (EDD): For high-risk customers or transactions, we conduct enhanced due diligence to verify the identity of individuals or entities involved. This may include obtaining additional documentation or conducting background checks.
  3. Transaction Monitoring: We employ sophisticated transaction monitoring systems to detect and report suspicious activity that may indicate money laundering or terrorist financing. Our compliance team diligently analyzes transactions to identify any anomalies or red flags.
  4. Ongoing Training and Education: We provide regular training and education to our staff to ensure they are knowledgeable about the requirements of the Patriot Act and equipped to identify and report suspicious activity effectively.

Customer Responsibilities: We value the cooperation of our customers in our efforts to maintain compliance with the Patriot Act. To facilitate this, we ask our customers to:

  • Provide accurate and up-to-date identification information when opening accounts or conducting transactions.
  • Report any suspicious activity or concerns to our compliance team promptly.
  • Cooperate with any requests for additional information or documentation as part of our due diligence process.

At First Port City Bank, we are committed to upholding the principles of security, integrity, and compliance in all our operations. Our adherence to the requirements of the Patriot Act is a testament to this commitment. Through robust identification measures, ongoing monitoring, and collaboration with our customers, we strive to contribute to a safe and secure financial environment for all. For further information or inquiries regarding our compliance efforts, please contact our compliance department at

More Info:


FinCEN (Financial Crimes Enforcement Network) Beneficial Ownership Reporting refers to the requirement for certain entities to report information about their beneficial owners to FinCEN, a bureau of the U.S. Department of the Treasury. This requirement is part of efforts to combat money laundering, terrorist financing, and other financial crimes.

The reporting requirement is primarily aimed at entities known as "covered" or "reporting" companies, which typically include corporations, limited liability companies (LLCs), and other similar entities. These entities are required to disclose information about individuals who directly or indirectly own or control a certain percentage of the company's ownership interests or voting rights.

The aim is to increase transparency and accountability in the financial system by making it more difficult for individuals to hide their ownership interests behind complex corporate structures. By requiring the disclosure of beneficial ownership information, authorities can more effectively track and combat illicit financial activities.

Failure to comply with beneficial ownership reporting requirements can result in significant penalties for the reporting entity, including fines and other legal consequences. Therefore, covered companies should ensure they understand their obligations and take steps to comply with FinCEN reporting requirements.

Please contact your CPA or Financial Planner for more information on these guidelines.

More Info :

Mobile Privacy
Privacy & Security
Fraud Production & Security
Website Terms of Use
Social Media & Community Guidelines