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Patriot Act- Beneficial Owners Sign
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  • Patriot Act- Beneficial Owners Sign
  • Patriot Act- Beneficial Owners Sign

Patriot Act- Beneficial Owners Sign

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Quick Overview

  • (W x H): 6" x 9"
  • Color: Black with White Lettering or White with Black Letting
  • Easel Style Sign


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

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 rules by May 11, 2018.

New 2018 Sign copy reads:

Section 326 of the USA Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account for a covered Legal Entity. New rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. Each time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number and identification documents) for: each individual that has beneficial ownership (25% or more) in the Legal Entity; and, one individual that has significant managerial responsibility for the Legal Entity. We proudly support all efforts to protect and maintain the security of our customers and our country.

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