The Financial Crimes Enforcement Network (FinCEN), of the U.S. Treasury Department, has issued rules under the Bank Secrecy Act to clarify and strengthen due diligence requirements for banks, and other financial entities, that require these types of institutions to identify and verify the identity of beneficial owners of legal entity customers. These new rules address the problem caused by financial institutions not being required to know the identity of the individuals who own or control their legal entity customers, which enabled criminals, kleptocrats, and others looking to hide ill-gotten proceeds to access the financial system anonymously. Click here to learn more.
1. Why is VCC asking for this information?
VCC is required by the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to obtain this information.
2. What will happen with the information I provide to VCC?
Your privacy is important to VCC. The information will strictly be used to identify Beneficial Owners or those who have managerial control over a legal entity.
3. Where can I find more detailed information on this requirement?
Click here to view the PDF version of the Federal Register, 5/11/2016, Customer Due Diligence Requirements for Financial Institutions; Final Rule. Please reach out to a VCC employee with any additional questions at [email protected].
*Virginia Community Capital’s subsidiary bank, VCC Bank, is an FDIC-insured, certified CDFI bank.