Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Assets Compliance Program
At M&T, our Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Assets (BSA/AML/OFAC) Compliance Program is a top priority – both as a corporate objective and in support of the government's efforts to combat money laundering, terrorist financing and other illegal activities.
Key Elements of our BSA/AML/OFAC Compliance Program include:
- A system of internal controls
- Independent testing of the Compliance Program
- Designation of an individual or individuals responsible for the management of the Compliance Program
- Training for all appropriate personnel
- A Customer Identification Program and Ongoing Customer Due Diligence Program
Learn more about M&T’s BSA/AML and Sanctions Compliance Program
Beneficial Owner Information Reporting Guide
The Beneficial Owner Information Reporting Act under the Corporate Transparency Act went into effect on January 1, 2024 and requires certain entities, including many small businesses, to report information about the individuals who ultimately own or control them (also known as their "beneficial owners") to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury.
This reporting requirement is part of the U.S. Government's effort to make it harder for criminals to hide or benefit from the proceeds of illegal activity through shell companies or complex ownership structures.
Our guide provides information and resources to help you better understand the beneficial ownership reporting requirements under FinCEN's Corporate Transparency Act.
Read the Beneficial Ownership Reporting Guide for M&T Customers (PDF) >
