What information does Synovus request from customers?
Why does Synovus ask for certain information?
In May 2016, FinCEN issued a final rule for Customer Due Diligence Requirements for Financial Institutions (“CDD Rule”) formalizing regulatory expectations regarding customer due diligence (CDD) and introducing a new requirement for financial institutions to identify and verify the identity of the beneficial owners of their legal entity customers.1 Specifically, the Final CDD Rule imposes a requirement on financial institutions to identify and verify the identity of certain legal entity customers’ “beneficial owners” defined as: (i) each individual directly or indirectly owning 25% or more of the entity’s equity interests, and (ii) a single individual with significant responsibility to control, manage or direct a legal entity customer.
The CDD Rule specifically requires all covered financial institutions to implement a CDD program that covers the following key elements:
- Identify and verify the identity of its customers;
- Identify and verify the identity of beneficial owners of legal entity customers (i.e. the natural persons who own or control legal entities);
- Understand the nature and purpose of the customer relationship; and
- Conduct ongoing monitoring.
Additionally, the CDD Rule requires that financial institutions implement a CDD Program that helps the Bank to know its customers and understand the nature and purpose of customer relationships. This may include, but is not limited to, understanding the type and volume of transactions that are anticipated through the account(s) during customer onboarding and/or customer reviews.
The Type of Information We May Ask You
- Place of Birth
- Nature of Business
- Beneficial Ownership
- Anticipated Transaction Activity
- Purpose of Transactions (May include supporting documentation on occasion)
- Major Vendors and Suppliers
- Revenues and/or Source of Funds
Synovus works to protect our customers, our company and the public at large from criminal activity by implementing a strong CDD Program. Everything you tell us is confidential, in accordance with the Bank Secrecy Act regulations, as well as, the Right to Financial Privacy Act regulations.
Synovus Contact Information
If you are asked to provide additional CDD information and you have questions, you may contact the Customer Due Diligence Department at 1-866-461-9383. If you are responding to a request for additional CDD information, and you have secure email capabilities, you may utilize the following secure email to respond – RFIResearch@synovus.com. You may also visit your local branch or feel free to return our call at the toll free number provided.
For Your Safety
As always, your security is very important to Synovus. Accordingly, Synovus will never ask you to provide confidential information by mail or over the internet such as account number, personal codes, tax identification numbers, or send out e-mail links that must be clicked to proceed.
On occasion, Synovus may contact you at the phone number provided on file. Should this occur, the Bank may ask you a couple of questions to authenticate that the person reached is actually you.
Should you have any concerns about answering questions via phone contact, you may submit your responses through the secure email provided (RFIResearch@synovus.com). In order to protect your information, Synovus will provide you with a customer code to identify you as a customer. Please submit this code when making an inquiry or response to any CDD questions that the Bank may request from you.
Frequently Asked Questions
Read the FAQs from FinCen.
Important Disclosure Information
- See 31 C.F.R. §1010.230. See also FinCEN -2016-G003, Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions (July 19, 2016). Back