Answer:
No. The "existing customer" exemption requires the customer to have an existing account. This may lower the risk involved in the verification process, however.
First published on BankersOnline.com 11/17/03
Existing Customer vs. Former Customer
Question:
This is regarding the USA PATRIOT Act. My question: If a loan customer has an existing loan (no other open accounts) before October 1 and pays that loan off after October 1, can that customer come back later and get another loan without going through the identification process?
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