We’ve received several requests to develop a sample letter that can be sent to Legal Entity customers, to inform them about the new Beneficial Owner requirements (mandatory by May 11, 2018). While there is no requirement to notify your customers, it may be helpful to identify which of your legal entity customers will be impacted by the new requirements and give them a “heads-up” as to what information they will be required to provide EACH time they open a new account. This way your customers will be prepared and you will be able to continue providing exceptional service!
Our sample letter is available on our website in our free BSA tools. We hope this gives you a place to start and feel free to tailor it to fit your needs.