Has anyone else received a letter from any funds managers requesting that you sign a form letter stating that you are in compliance with the requirements of the USA Patriot Act? I received one last week and I have never been asked to sign off on anything by an outside party asserting our bank's compliance with any regulatory requirement. (Maybe this is how our service providers feel huh?)

Not that I'm aware of. Which portion of the USA PATRIOT Act are they concerned with? Considering that different sections are applicable at different time frames, I'd want that narrowed down somewhat.

Here is an excerpt from the letter:

"On Octover 26, 2001, the USA Patriot Act (the "Act") was passed requiring that financial institutions establish anti-money laundering (AML) programs.

In accordance with the ACT, Company XYZ, Inc. requests that each dealer confirm, in writing that they have adopted policies and procedures that meet the requirements imposed by the anti-money laundering requlations"

After the lawsuit that Mary Beth wrote about, it makes you hesitant to put anything into writing. Yes we have an AML policy, but not all the components of the new CIP have been approved by the board....it's not even in effect yet. This just seems to me that everyone is trying to cover themselves.

I think that is it ....just trying to cover themself.

I don't know whether we have received one, but I recently asked our investment manager to obtain a certification from our brokered CD customers acknowledging that they have complied with expectation (and soon requirement) to know their customer (i.e., they have taken steps to document the owners of the funds placed for investment with our bank).