My bank rejected my LLC account application citing 'PATRIOT Act verification failure' — what does this mean?
I am a Nigerian citizen who formed an LLC in New Mexico. I applied for a business bank account at a large national bank and was rejected. The letter says they could not complete 'customer identification verification required under Section 326 of the USA PATRIOT Act.' I provided my Nigerian passport, my EIN letter, and my LLC documents. What does Section 326 require and what did I do wrong? Is it because I am from Nigeria? I need a bank account to operate my business.
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