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2018 Patriot Act- Combined Personal/ Business Account Sign - Acrylic Wall Sign
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2018 Patriot Act- Combined Personal/ Business Account Sign - Acrylic Wall Sign

SKU: 183141804

$26.68

Quick Overview

  • Acrylic Wall Sign
  • Black with White Lettering
  • (W x H): 11" x 14"
  • Signs are 1/8" thick
OR

Details

Polished acrylic signs are 1/8" thick with screen printed copy and available as black acrylic sign with white copy. 

This sign includes verbiage for the May 11, 2018 changes to Legal Entity Account setup and also includes information regarding individuals setting up new accounts. 

 

In May of 2016, the U.S. Department of the Treasury issued final rules under the Bank Secrecy Act (BSA) to clarify and strengthen customer due diligence (CDD) requirements.  As expected, with the new rule, financial institutions will be required to establish and maintain written procedures that incorporate the identification of beneficial owners of legal entity customers into their AML compliance program.  Under the final rule, covered financial institutions will be required to implement written procedures to identify and verify beneficial owners of legal entity customers opening new accounts. Identification will be accomplished by gathering personal identifying information on a standard “Certification of Beneficial Owner(s)” form or other equivalent means. Verification will be accomplished by performing “CIP-like” procedures on the individuals listed on the form.  In the Rule, FinCEN has adopted what they describe as a “two pronged” approach to the definition of beneficial ownership. The ownership prong is meant to include all natural persons with 25% or more direct or indirect equity interest in a legal entity while the control prong is defined as a single individual with significant managerial responsibility (the Rule says “control, manage or direct”) over the legal entity. In the case of the control prong, the person meeting the standard of significant responsibility would be chosen by the legal entity. Based on the 25% ownership requirement and the obligation to provide an owner under the control prong, legal entity customers opening up new accounts would have to provide at least on one (control prong) and up to a total of five individuals (one under the control prong and up to four under the ownership prong) to fulfill the requirements.

Covered financial institutions must comply with these Legal Entity rules by May 11, 2018

 

 

New 2018 Sign copy reads:

 

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT 

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that on personal accounts identifies each person who opens an account. In addition, on Legal Entity accounts, we will require identification on beneficial owners and one individual that has significant managerial responsibility for the Legal Entity.


What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. For Legal Entity accounts, we are required to ask you for identifying information (name, address, date of birth, social security number and identification documents).  We may also ask to see your driver’s license or other identifying documents.

We proudly support all efforts to protect and maintain the security of our customers and our country.

Additional Information

SKU 183141804
Weight 0.8000