At Johnson Financial Group we're always working behind the scenes to stay current with government regulations affecting our customers, and communicating those changes so our clients understand the impact. To comply with the U.S. Treasury's new anti‐money laundering (AML) rules, all financial institutions are required to utilize new certification forms for business entities starting May 11, 2018.
Governments around the world are stepping up in the fight against money laundering, terrorist financing and other financial crime, and beneficial ownership rules build on that. The new AML rules, collectively known as the beneficial ownership rule, increases expectations of financial institutions to know and understand who their customers are and monitor trends in transaction patterns. This requires more information from you than it has in the past.
The rule change consists of two main requirements:
As of May 11, 2018, you'll encounter the new certification forms for beneficial ownership when you open a new account or renew an existing account (including a loan, deposit, safe deposit, wealth or other account). We may reach out to you to gather more information about your business for due diligence purposes. Our goal is to meet the compliance rules while ensuring the smoothest possible experience for our customers.
We understand that additional paperwork requires your time and attention, and we appreciate your cooperation in this effort. Please know that we may be checking in more than usual as we work through the requirements of the new rules. If you have questions or concerns about the new beneficial ownership rule, please contact your relationship manager.