Beginning early 2018, compliance of the 2016 U.S. government’s regulation that requires we obtain, verify and record information about the beneficial owners of legal entity clients will be mandatory for all financial institutions. In order to comply with this regulation, we must identify the beneficial owner(s) who own or control the entity doing business with DFCU Financial.
This identifying information includes name, address, date of birth, identification number, and other information to help identify these owners or controlling parties. This information must be obtained regardless if the person identified is a client of DFCU Financial.
We understand that the requested information is sensitive in nature and offer the peace of mind that all information collected by DFCU Financial is securely stored and handled in accordance with our high-level privacy policies.
For more information on Beneficial Ownership, please contact us at 888.336.2700.
Important Update from FinCEN Effective 03/26/2025
All entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN. Existing foreign companies that must report their beneficial ownership information have at least an additional 30 days from March 26, 2025—until April 25, 2025, for most companies—to do so. For more information, see press release and alert.
For more information and to determine wheter your business must comply with this regulation, visit https://www.fincen.gov/boi