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Sep 17, 2006 9:04 pm


I'm preparing for the S7 using the STC's newest edition book as you all reccomended...According to the book, all that is REQUIRED is:

-customer's name and residence

-whether customer is of legal age

-signature of the reg rep opening account

-signature of principle

Is this still correct in light of the Patriot Act...Elsewhere I have read that while the NASD does not require DOB, the Patriot Act does?

Can someone shed some light on this?



Sep 17, 2006 10:35 pm

Joe - I could be wrong, but I believe due to the PATRIOT Act, firms are using a more stringent process than the regulators require.  You should check more into the Customer Identification Program section of the Act - it's Section 526.  All member firms had to abide by this program as of Oct. 2001.  I took my 7 (and passed) last October.  I would not worry about PATRIOT Act issues for the purposes of the test.  The STC (which I used as well), should provide the most updated information for the latest versions of the test.  Go by their information.

Don't ask how I know this... I used to do some AML work for my former firm.

Sep 17, 2006 10:56 pm

The STC textbook is not contradictory.  The fact is that the NASD does not require date of birth--all they require is an assertation that the new client is of legal age.

The Patriot Act does require date of birth because that is one of the screens used to determine if people with similar names are who is being watched or somebody else.

Series 7 test questions that require conflicting--or ambiguous--facts are either removed from the test or rewritten to be abundantly clear.

Sep 17, 2006 11:29 pm

Thanks for the clarification!