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Beginning May 11, 2018, Federal Regulation requires all banks to obtain the Name, Address, Date of Birth, Social Security Number and a Copy of an Identifying Document for the following individuals (i.e. beneficial owners)

  1. Each individual, if any, who owns, directly or indirectly 25% percent or more of the equity interest in a legal entity customer (e.g. each natural person that owns 25% percent or more of the shares of a corporation); and 

  2. An individual with significant responsibility for managing the legal entity customers (e.g. a Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO), Managing Member, General Partner, President, Vice President, or Treasurer).

This information is not collected by the Secretary of State at the time of formation. Federal Regulation requires the bank to obtain this information each time the legal entity opens a new account.

Legal Entity is defined as a corporation, limited liability company, or other entity that is created by a filing of a public document with Secretary of State or a similar office, a general partnership, and any similar business entity formed in the United States or a Foreign country. Legal Entity does NOT include Sole Proprietorships, Unincorporated associations, or natural persons opening accounts on their own behalf.

That means, we will need to obtain this information and documentation from you many times over the life of your relationship with American Founders Bank Inc. New Account is defined as New Checking, Savings, Certificate of Deposit and/or Loan. This is also required at Loan and/or Certificate of Deposit Renewal or Modification

The Financial Crimes Enforcement Network (FinCEN) issued this regulation on May 11, 2016. It included an optional model form for use in collecting the required information and certification of beneficial owners, and “General Instructions” providing definitions, examples and additional information. The “General Instructions” are included in this correspondence. This is a sample and is not needed to be returned to the bank at this time. This form will only be completed at the time a new account is opened (including loan and deposit renewals) at American Founders Bank Inc.

We apologize for any inconvenience, and sincerely appreciate your cooperation. If you have any questions, please call 866.875.4500 or stop by one of our convenient locations.

Member FDIC Member Equal Housing Lender