Anti-Money Laundering

To help the government fight the funding of terrorism and money laundering, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Therefore, we will verify your personal financial information, such as name, address, SSN/TIN, date of birth and other information for identification purposes, with an independent consumer reporting agency. Beneficial owner(s) and Control Person(s) for legal entities opening an account must also be verified to the same standard as previously described.

According to section 312 of the USA PATRIOT Act, we are required to determine if you or an immediate family member hold an account or maintain a relationship with a Private or Foreign Bank. If so, we must also determine if you or an immediate family member are a “Senior Foreign Political Figure,” defined as follows:

  • Current or former senior official in the executive, legislative, administrative, military, or judicial branch of a foreign government (elected or not)
  • A senior official of a major foreign political party
  • A senior executive of a foreign government-owned commercial enterprise, being a corporation, business or other entity formed by or for the benefit of any such individual (senior executives are individuals with substantial authority over policy, operations or the use of government-owned resources)
  • An immediate family member of such individual; meaning spouse, parents, siblings, children, and spouse's parents or siblings
  • Any individual widely and publicly known (or actually known) as a close associate of a senior foreign political figure

If any of the above scenarios is affirmative, we will not be able to open an account for you. During the verification process Lincoln reserves the right to refuse or restrict transactions, and request further information or documentary evidence.