Effective May 11, 2018, the federal government implemented and mandated a new regulation that requires financial institution compliance.
As a result, Gwinnett Community Bank, along with all other financial institutions, will obtain additional information from business customers involved in their specific business entity. This is known as “beneficial ownership”.
Each time a business account is opened, a new service is added, or a product is renewed, we are required to ask for identifying information
to include name, address, date of birth and social security number for
in the business entity who has ≥ 25% beneficial ownership interest, directly or indirectly
who has significant managerial control of the business
You might ask, “Don’t you already have this information?” And yes, we may have identifying information about you or signers on your account BUT the regulation requires that you certify that information along with the percentage of ownership interest.
Going forward in our banking relationship, our objective is twofold:
1) as a financial institution, comply with the regulation while;
2) making this easy on you, Our Valued Customer.