Getting to know you…Customer Due Diligence/Know Your Customer

Contributed by Michelle Bragstad, Chief Compliance Officer

Emergency Fund

When opening a bank account, you may be surprised at just how much information customers are asked to provide nowadays. It can be off-putting at first, being asked all these questions when you don’t understand the why behind these requests.

All banks in the United States have a financial, and regulatory duty called “Know your customer”, which was established with the express purpose to avoid illicit activities such as money laundering, the financing of terrorist organizations and theft from taking place. The process of customer due diligence and getting to know you is critical to the bank because it aids in detecting unusual or suspicious activity that potentially exposes you and CIBM Bank to financial loss or other risks.

It’s a win-win! The more your banker knows about you and your financial habits the better equipped we are to serve your particular needs and protect your interests. When we know what to expect from you and your account activity, we are prepared to spot something which is not typical behavior for you and act immediately to secure your assets. In addition, knowing your financial habits also ensures that you are receiving the best customized service and support in the way you need it.

At CIBM Bank we understand your hard work, your commitment and the financial decisions you have to make on daily basis -- whether that be for your business, or buying or maintaining a home, or just your day-to-day financial-related needs. We also understand there are times you just need some help. And that’s what we’re here for. To help makes things a little easier for you, to provide experts who can walk you through the variety of options to best meet your particular needs, and to provide just a little more peace-of-mind. Call us or visit

The information expressed is being provided for informational and educational purposes only. It is not intended to provide specific advice or recommendations for any individual. CIBM Bank does not provide tax, legal, or accounting advice. You should carefully consider your needs and objectives before making any decisions. For specific guidance on how this information should be applied to your situation, you should consult your own tax, legal, and/or accounting advisors before engaging in any transaction.