Money Made Intelligent.To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you apply for Milli Elite Card features, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
1. Why Milli Collects Identity Information
Section 326 of the USA PATRIOT Act (31 U.S.C. section 5318(l)) and its implementing regulations (31 C.F.R. section 1020.220) require banks to maintain a Customer Identification Program ("CIP"). Because the Milli Elite Card is issued by a partner bank, Milli collects and verifies your identity on behalf of and under the CIP of that bank. CIP helps prevent identity theft, fraud, money laundering, and terrorist financing.
2. What Is Collected
- Full legal name
- Date of birth
- Residential street address
- Social Security number or Individual Taxpayer Identification Number (for U.S. persons)
- A valid, unexpired government-issued photo identification (such as a driver's license, state ID, or passport), when documentary verification is required
3. How It Is Verified
Identity is verified within a reasonable time before or after account opening using documentary methods (reviewing your government ID) and non-documentary methods (comparing your information against consumer reporting agencies, public databases, and fraud prevention services). Applicants are also compared against government lists of known or suspected terrorists and sanctioned persons, including the OFAC SDN list.
4. If Verification Cannot Be Completed
If your identity cannot be reasonably verified, we may ask for additional documentation, limit features until verification is complete, decline your application, or close the account.
5. Record Retention
Identifying information and verification records are retained for five years after the account is closed, as required by federal law, and are protected as described in our Data Security Policy.
6. Questions
Contact support@drivemilli.com or compliance@drivemilli.com.
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