Enhanced Due Diligence and Business Account Opening

Enhanced Due Diligence and Business Account Opening
4/30/2018 4:12:27 PM

Our goal is to ensure your business banking experience is efficient and enjoyable. Therefore, we would like to inform you that effective May 11, 2018, all financial institutions, including ASI FCU, will be subject to new rules under the Bank Secrecy Act. The new rule requires financial institutions document the identification and obtain verification of information about beneficial owners of legal entity customers.

Each time an account is opened for a covered Legal Entity, or a change is made to an established account, we will be required to ask you for identifying information (name, address, date of birth, and social security number), as well as supporting documentation for:

· EACH Beneficial Owner who owns 25% or more of the Legal Entity; and,

· ONE individual that has Significant Managerial Control of the Legal Entity.

If you are opening an account on behalf of a Legal Entity, you will be required to provide a copy of the current Driver’s License and Social Security Card for each identified individual and must certify that this information is true and accurate to the best of your knowledge.

To better safeguard our business members and our country from financial security threats, please download and complete the required Business Onboarding Questionnaire prior to opening a Business Account. 

If you are an existing Business member, please complete the required Certification of Beneficial Owner(s) Form when making changes or opening a new account. Both documents may be brought to any of our 11 branch locations

If you have any questions, please feel free to contact us at 504.733.7274.

For more information on Enhanced Due Diligence under the Bank Secrecy act, click here

Posted by: ASI Team

Categories: Notice to Members


© Copyright 2019, ASI Federal Credit Union. All rights reserved.