Regulatory Requirements

Helpful information about customer due diligence requirements.

Welcome to Macatawa Bank, where we prioritize security, compliance and transparency in all of our financial services.

As a federally regulated institution, we adhere strictly to all regulatory standards, including the Beneficial Ownership Ruling, Currency Transaction Reports and Customer Identification Program. These regulations not only ensure the integrity of our operations but also help protect our customers’ assets and identities. By complying with these regulations, we actively combat money laundering and activities that facilitate terrorism or other criminal activities contributing to the safety and security of our community.

You can trust that your financial well-being is our top priority, backed by rigorous adherence to federal guidelines and unwavering commitment to excellence.

Customer Identification Program

It is vital for financial institutions to have an understanding of the true identity of customer’s entering and maintaining a banking relationship. Financial institutions must act in accordance with the regulations outlined in the USA Patriot Act which aims to prevent against money laundering, terrorist financing, and other financial crimes. You can expect to be asked to provide documentation to assist with verification efforts including occupation, expected use of account, and location of account holder or business.

Bank Secrecy Act

The Bank Secrecy Act is a regulation that requires Financial Institutions to collect basic information regarding cash transactions of more than $10,000, these are called Currency Transaction Reports. If you'd like to learn more about CTRs and why they're important, you can visit www.fincen.gov.

Beneficial Ownership

Due to the Corporate Transparency Act passed by Congress in 2021, businesses are required to report beneficial ownership information. Beneficial owners are generally identified as those with control of a company or that have more than 25% ownership of a company. Financial institutions like Macatawa Bank are required to collect beneficial ownership information while opening new deposit or loan accounts and during other “trigger” events such as an account renewal, adding depository account signors, and changes in ownership or structure, as non-inclusive examples.

Amendments to the Act now require Companies to report beneficial ownership information to both Financial Institutions and directly to the U.S Treasury’s Financial Crimes Enforcement Network (FinCEN). You should consider reviewing the guidance provided by FinCEN to determine the applicability to your business’s reporting requirements. This information along with other key dates and beneficial ownership ruling news can be found at www.fincen.gov/boi.

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