USA Patriot Act & Customer Requirements

The more information First American Asset Advisory, LLC (FAAA) can acquire about an investor/customer the better we are able to offer investment products and also enhance the services we provide. FAAA values the trust our clients have placed in us and understands the importance of maintaining the confidentiality of personal information. First American Asset Advisory, LLC does not voluntarily share client information for any reason.

USA Patriot Act

The Patriot Act was enacted by the U.S. Government in response to the Sept. 11th, 2001 terrorist attacks. The purpose of the act is to help prevent the financial system and markets of the United States from being used to fund terrorism and any other criminal actions. One of the requirements is that securities broker dealers and financial institutions must take certain measures and actions in accordance with national efforts to detect suspicious transactions and money laundering actions committed by their clients. Money laundering is any and all necessary steps taken to hide or conceal illegally obtained funds or those used in the commission of illegal activities to create the appearance that the funds were obtained from or used by law abiding individuals, legal sources and legally sanctioned activities. Money laundering activity is not confined to terrorist sources alone but includes a varied number of criminal acts, such as illegal arms sales, black market transactions, illegal narcotics, racketeering, robbery and fraud. First American Asset Advisory, LLC, has initiated policies and procedures designed to provide an anti-money laundering program in order to comply with the provisions of the Patriot Act. Our anti-money laundering program is comprised of the following features:

  • A specialized anti-money laundering compliance officer, known as an “AML Officer”. FAAA will uncover and report any and all suspicious financial transactions to the United States Government.
  • Our employees and personnel will receive specialized training to enable to identify “red flags” that may indicate money laundering activity.
  • Requirements for continuing education for personnel that focus on anti-money laundering practices and procedures.
  • Annual independent audits to monitor the effectiveness of the Program.

Obtaining a Clients Personal Information

First American Asset Advisory, LLC wants our clients to understand that the Patriot Act and the regulations promulgated in accordance with the Act additionally require broker-dealers and financial institutions to collect and verify the correctness and accuracy of their clients’ personal information, including:

  • Verification of the clients actual identity, verified by such documentation as social security or taxpayer identification.
  • Numbers (or similar types of documentation for foreign clients) and driver’s licenses.
  • The source of funds being deposited into the client accounts.
  • The means how clients obtained their financial assets.

First American Asset Advisory, LLC, acknowledges and sincerely thanks our clients for their cooperation and assistance in complying with its legal obligations as specified in the Patriot Act in the continuing fight against terrorism, criminal acts and money laundering activities.