A May 2018 FinCEN rule required financial institutions to collect and verify information from all significant owners of legal entities and their accounts at the time of account opening.

Educate current and prospective customers on the rule and how it applied to them, and motivate them to provide the requested information to the bank.

MKP provided copy for a straightforward branch handout that provided bankers with something tangible to give customers that explained the rule in plain language; statement messages also reinforced the need to provide the information.

A web page on Sterling’s site defined the required certification and what it means for customers; a fillable PDF form was developed to make it easy for customers to comply.