Beginning May 11, 2018, new federal regulation under the Bank Secrecy Act will require all financial institutions to identify and verify the identity of the Beneficial Owners of certain business customers, subject to exclusions, each time a new account is opened. In order to comply, MVSB will collect this information from covered legal entities on a Beneficial Ownership Certification Form before an account is opened. The regulation also identifies account modifications, such as those for loans, as new accounts. We may also ask for a new certification when other events indicate a possible change in ownership. For the purposes of this regulatory […]
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