Important Information about procedures for opening or changing a securities account with
American State Bank & Trust Company
USA Patriot Act requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. This federal requirement applies to all customers. This information is used to assist the United States government in the fight against the funding of terrorism and money-laundering activities.
What this means to our customers:
When an account is opened or changed, we will ask each person for their name, physical address, mailing address, date of birth, and other information that will allow us to identify them.
Additionally, FinCEN has adopted what they describe as a “two-pronged” approach to the beneficial ownership of a legal entity. The ownership prong includes all natural persons with 25% or more equity interest, direct or indirect, in a legal entity. The control prong is a single individual with significant managerial responsibility over the legal entity.
We will ask to see each person’s driver’s license and other identifying documents and copy or record information from each of them.