Why do I need ID to open a bank account?

When opening a bank account you need to prove your identity in order to help banks in the fight against “money laundering”. This is where criminals try to open accounts – often in false names or using stolen identities – with money made from or intended for illegal activities. By law banks must check to make sure they know their customer before letting you open an account or buy their financial products or services.

Source: Direct.Gov

Message supplied by: Rich @ Respect Yourself