The Bank Secrecy Act is a law requiring all financial institutions in the United States to assist U.S. Government agencies to detect and prevent money laundering. On May 11, 2018, a new rule will become effective under the Bank Secrecy Act. The goal of this rule is to aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.
DMB Community Bank will be required by this law, to obtain identifying information and documentation each and every time an account and/or loan is opened, renewed, or signers change for a covered Legal Entity. The identifying information will include, but is not limited to; name, address, date of birth, and social security number for:
- Each individual that has beneficial ownership (25% or more); and,
- One individual that has significant managerial control, of the Legal Entity.
If you are opening an account on behalf of a Legal Entity, you will be required to provide this identifying information and certify that this information is true and accurate to the best of your knowledge.
If you have any questions about the Bank Secrecy Act or the new procedures outlined above, please feel to contact either Keith Kilen or David Grove at 608.846.3711.
Click Here to Read more about this regulatory change