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Beneficial Ownership

To our Business Customers,

Your business relationship is important to us.  Our goal is to make the business account-opening process an efficient and enjoyable experience for you.  Effective May 11, 2018, all banks are subject to new rules under the Bank Secrecy Act that will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. 

In compliance with this new regulation, FM Bank will collect beneficial ownership information from legal entity customers (Corporations, Limited Liability Companies, Partnerships, etc.).  This means that any time an account is opened or modified for a legal entity, we will request information that identifies the ultimate beneficial owner(s) and controlling person of the legal entity. The required identifying information includes name, address, date of birth, tax identification number, and other information that will help identify those individuals. This information will need to be collected whether or not the person identified is a FM Bank client. This information will also be collected for existing legal entity customers who establish a new account or modify an existing account with FM Bank.

While we understand the information requested is personal and sensitive, we need to obtain this information in order to comply with the law. As always, we will treat all information collected with the utmost care. All information will be stored securely and handled with the same standard of privacy that we have always maintained. 

We appreciate your business and are committed to providing you with extraordinary service for years to come.

 

Sincerely,

Fred H. Mills, Jr.

President & CEO