In May 2016, the U.S. government passed a new regulation regarding the beneficial ownership of legal entity customers. Going forward, it will be mandatory for all financial institutions to comply with this regulation by identifying the ultimate beneficial owner(s) and a controlling person of a legal entity customer opening or maintaining an account.
In compliance with this new regulation, Navigant Credit Union will collect beneficial ownership information from legal entity customers starting on or before May 1st, 2018. This means that any time an account is opened or maintained for a legal entity, we will request information that identifies the ultimate beneficial owner(s) and controlling person of the legal entity. The required identifying information includes name, address, date of birth, identification number, and other information that will help identify those individuals. This information will need to be collected whether or not the person identified is a Navigant Credit Union member.
This information will also be collected for existing legal entity customers who establish new accounts once this new regulation is implemented at Navigant Credit Union starting on or before May 1st, 2018. While we understand the information requested is personal and sensitive, we need to obtain this information in order to comply with the law. As always, we will treat all information collected with the utmost care. All information will be stored securely and handled with the same standard of privacy that we have always maintained.
Spoofed calls and texts are on the rise! If you receive a text or call appearing to be from us, remember: we will never ask for your full card number, full SSN, PIN, or online/mobile banking credentials. Please note that our telephone banking system may request your SSN when you call into our contact center for verification purposes. If something feels off, please contact us directly.
