May 2018 | 703.748.2005 | chainbridgebank.com WHAT IS BENEFICIAL OWNERSHIP? Effective May 11, 2018, it is mandatory for all financial institutions to comply with new rules under the Bank Secrecy Act that will aid the government in the fight against terrorism and other national security threats. Section 326 of the USA PATRIOT Act requires that financial institutions verify the identity of the beneficial owners of all legal entity opening or maintaining an account.   Beneficial owners are identified using a two-prong test. The first is the “ownership prong,” which includes each individual who directly or indirectly owns 25 percent or more of the equity interests of a legal entities customer.  Read more about Beneficial Ownership here

WIRE FRAUD - DON’T BECOME A VICTIM! There have been increased reports across the nation of a theft scheme that involves hackers stealing email addresses and sending fraudulent wire instructions to commercial businesses. This practice is referred to as Business Email Compromise. As a prospective or current commercial banking client, we want to raise your awareness of tactics fraudsters use and share steps you can take to minimize your risk of becoming a victim. If you send a wire to a fraudulent party, recovering the wire is almost impossible.  YOUR MONEY WILL BE LOST.

Click here to read more about wire fraud

Stay Connected ‌ ‌ Download CBB Mobile App: Apple App Store | Google Play Store Received this email from a friend?  Subscribe here

NMLS #405543 | Member FDIC | Equal Housing Lender