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by input_sh 720 days ago
Yes, their hands are tied. KYC requires the banks to keep the data for five years after account termination.

One of many, many shitty things introduced by the Patriot Act that we now just live with.

2 comments

GP was never their customer, though. They started filling out the application to open an account, got past the ID verification step, and then decided not to complete the new account process.

Likely the issue is that they just didn't think of this possible case, and there's no way to delete the ID information, and the CS person didn't want to go through the extra work to find someone who could approve it and/or get it done.

I understood GP to have started but not finished the process of opening account. Does KYC still require banks to keep the data in this case?
IANAL, so I'm not gonna attempt to interpret it, but here's how it's phrased:

> Recordkeeping. Section 326 of the Act requires reasonable procedures for maintaining records of the information used to verify a person's name, address, and other identifying information. The proposed regulation sets forth recordkeeping procedures that must be included in a bank's CIP. Under the proposal, a bank is required to maintain a record of the identifying information provided by the customer. Where a bank relies upon a document to verify identity, the bank must maintain a copy of the document that the bank relied on that clearly evidences the type of document and any identifying information it may contain.6 The bank also must record the methods and result of any additional measures undertaken to verify the identity of the customer. Last, the bank must record the resolution of any discrepancy in the identifying information obtained. The bank must retain all of these records for five years after the date the account is closed.

> a bank is required to maintain a record of the identifying information provided by the customer.

They didn't complete the application, though, and so were never a customer of the bank. So this shouldn't apply.

search for their board and start the process with each one of them up to the public data allows.