Your business relationship is important to us and providing exceptional service is our top priority. Effective May 11, 2018 all banks will be subject to new rules under the Bank Secrecy Act that will aid our Government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. In order to ensure a smooth transition to the new rules, the account opening process for business accounts will be modified, beginning April 9, 2018, as described below:
EACH time a deposit or loan account is opened or renewed for a “Legal Entity” (Corporation, LLC, Formal Partnership), or other covered entity, the Bank is required by Federal Law to collect and record the following identifying information:
Date of Birth
Social Security Number
We are required to collect this information for:
EACH individual “Beneficial Owner” that has 25% or more beneficial ownership in the Legal Entity; and
ONE “Control Individual” that has significant managerial control of the Legal Entity.
In addition to the identifying information described above, it will be necessary to provide a
copy of an unexpired driver’s license or state issued identification card for each Beneficial
Owner and the Control Individual.
If you are opening an account on behalf of a Legal Entity, it will be necessary to provide the
appropriate identifying information and documentation and to certify that the information is
true and accurate to the best of your knowledge, prior to account opening.
To assist you with gathering the required information, a data collection form is available on our
website www.hometownbanks.com under the Business Banking tab or see your friendly
If you have any questions please don’t hesitate to contact us.
We proudly support all efforts to protect and maintain the security of our Customers
and our Country!
MCB Effective 4/9/2018