In 2016, the U.S. government passed a new regulation that required financial institutions to obtain, verify and record information about the beneficial owners of legal entity customers. Starting in May 2018, it will be mandatory for all financial institutions to comply with this regulation by identifying the beneficial owner(s) – the individuals who own or control a legal entity.
The required identifying information includes name, address, date of birth, 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 customer of First Home Bank.
While we understand that the information requested through Beneficial Ownership is sensitive, it is required in order for us to comply with the law. All information collected by First Home Bank is securely stored and handled in accordance with our strict privacy policies.
For more information on Beneficial Ownership, please contact a Customer Service Representative.