Patriot Act Compliance

USA Patriot Act and CIP Compliance

The Kingdom Trust Company has policies and procedures to fully comply with the USA Patriot Act, a federal statute first enacted by the United State Government in 2001 and updated in 2006. The Act expanded the Secretary of the Treasury’s authority to regulate financial transactions, particularly those involving foreign individuals and entities. The Act seeks to identify potential money laundering transactions by requiring specific individual disclosures for every account opened. The Kingdom Trust Company must identify all the nominal and beneficial owners of every account and substantiate identity as required by the Act and by the correspondent custodian Bank. In addition, The Kingdom Trust Company complies with the Customer Identification Program under section 326 of the Patriot Act. The Kingdom Trust Company complies with the CIP rule that applies to the custodian bank when opening an account within the meaning of 31 CFR 103.121. The CIP is intended to enable the custodian to form a reasonable belief that it knows the true identity of each customer. This is the reason why The Kingdom Trust Company must have a copy of the accountholder’s driver’s license or passport. All customer information is kept confidential.