Commerce Bank's Compliance program is designed to help ensure that our company complies with applicable consumer laws and regulations. We have a "top-down" commitment, evidenced by executive management's participation, and business line managers who ensure all employees understand compliance is an integral part of their job.
USA PATRIOT Act
Following the terrorist attacks of 9/11, the USA PATRIOT Act was signed into law, expanding anti-money laundering and anti-terrorism obligations for U.S. financial institutions. A significant part of the new legislation required the establishment of a customer identification program. Commerce is required to obtain, verify and record information that identifies each individual or entity that opens an account or requests credit.
Red Flags Identity Theft Program
The Fair Credit Reporting Act's ("FCRA") Red Flags Identity Theft provisions require Commerce to implement a risk-based program that helps to detect, prevent, and mitigate the risk of identity theft in connection with both the opening and maintenance of certain types of accounts. Commerce's program incorporates existing policies, procedures, and processes that are designed to control foreseeable identity theft risk to customers.
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