Benchmark Bank’s Blog

Important Regulation Changes

| Benchmark Bank News

March 31, 2018

RE: New Beneficial Ownership Account Changes

Dear Valued Benchmark Bank Customer,     

This purpose of this letter is to inform you of upcoming changes to federal regulations that may impact what we are required to obtain when you open or renew your accounts that are owned by a legal entity. Effective for accounts opened or renewed starting May 1, 2018, Benchmark Bank and its affiliates will require additional information from legal entities, including information on individual ownership and management control of the entity. The enclosed Certification Form provides further detail on the new requirements and the explanation as to why it will be requested moving forward. Furthermore, this should help to answer the question of who is considered a “legal entity” for purposes of this regulatory update.
What does this mean for you? Whenever there is an update to an account (deposit account, certificate of deposit, loan account, safe deposit box account) owned by a legal entity, Benchmark Bank will require completion of a Certification Form. Accounts opened prior to May 1st will not require a Certification Form, unless this is warranted due to a renewal, an account update, or other activity as required by federal regulation.
We appreciate your cooperation with these changes.
If you have any questions or concerns, please contact your account officer. You are also welcome to reach me directly at (972) 673-4096 or
Thank you for banking with us!

Caitlin Phillips
Compliance Officer