KYC- They Will Ask…

It really struck me … I got a note in the mail by my bank asking me to stop by my local branch so they could spend time and ask some questions, so they can complete a “Know Your Client” form. One week later, I received a formal letter making the same request.

KYC- They Will Ask...

I have been saying for over a year that the time would come, but it really hit home…they were asking me, (a public servant, business owner and former banker) after having been a customer for over 30 years, with weekly deposits and consistent withdraws.

In 2016 you can expect some letters and/or calls (up to four) by your banker(s) with the request to spend some time with you to answer some questions, that may be far reaching, but they do need to ask them.

As a public entity or higher Ed institution, you may be asked to answer more questions than you are use to. If you refuse to respond, then do not be surprised if your bank exits the relationship.

Please keep in mind that this is not the fault of your bank, but rather in response to new regulations coming out of Washington, D.C. In 2016 you will find your bank having to balance the needs of their clients while learning the new role of messenger and enforcer of Fed rules.

My advice to you, “do not wait for the call, but rather be prepared ahead of time with the information”.

If you need to know what your bank will ask, call three+one. We know the questions and have a stress free approach to addressing what your bank will need to know.