Beneficial Ownership and Customer Due Diligence
Recent changes in Federal Banking Regulations now require Financial Institutions to collect Beneficial Ownership Information on all new business accounts and incorporate the collection of Customer Due Diligence information into our Bank Secrecy Act Compliance Program for all customers. Peoples Exchange Bank will make this transition beginning April 1, 2018.
What does this mean for you?
For a business customer, it means that each time you open a new account; you will be required to complete a form regarding Beneficial Ownership of the business.
Additionally, for all business customer(s) or individual(s), you will be required to provide updated information regarding changes to your address, updated identification information, current employment, current phone number(s) or any other missing information necessary to update our system information. You will also be asked additional information each time you open a new account regarding services you intend to use, where you banked prior to opening this account and the activity you anticipate on this account, in addition to other questions as they arise.