Your relationship is important to us.
You may have recently received a letter from M&T Bank requesting that you give us a call or stop by an M&T branch to update your customer information. Due to regulatory expectations on financial institutions, M&T needs to have complete customer information on file for all account relationships. The letter requests you to call 1-866-281-9451 or 1-302-934-4883 or stop by an M&T branch. Please note, this is not a phishing attempt, but rather a request for us to update your customer information. As you may know, “Phishing“ is a technique used to gain personal information for the purposes of Identity Theft, using fraudulent email messages, phone messages, or instant messages that appear to come from their financial institution or legitimate businesses.
If you are able to provide us with the requested information, or if you have any questions, please call us at 1-866-281-9451, or outside the US at 1-302-934-4883 Monday–Friday 9am–6pm ET.
Why we are asking you to update your information.
All financial institutions have an increased obligation to maintain current customer information and periodically update that information. The more we know about our customers and their banking habits, the better we can identify potential unusual activity.
We’re doing what’s right for our customers and our country and would like to help you understand the regulations governing the Know Your Customer (KYC) program and how we are working to comply with anti-money laundering laws, including the USA PATRIOT Act.
KYC policies and programs have become increasingly important in the US and around the world to help in the ongoing battle against money laundering and financial crime.
What is money laundering?
Money laundering is a process that aims to conceal the identity, source and destination of illicitly obtained money. It creates the appearance that the funds originated from a legitimate source.
The magnitude of the problem has been estimated to be over $500 billion per year, creating a sizeable threat to the government, economy and people in the US and in countries around the world.
The importance of Know Your Customer (KYC)
Federal regulations mandate that all financial institutions employ KYC screening as part of their ongoing anti-money laundering measures. Knowing more about who we do business with can prevent us from inadvertently facilitating money laundering. In addition to complying with government regulations, KYC enables us to better serve all of our customers.
What this means for you.
The success of our KYC efforts depends on our customers’ willingness to provide the required information. It is important for everyone to understand why we are making this request. We hope you will be comfortable providing the necessary information to us.
Help us serve you better
Knowing our customers has always been a top priority for us – it’s integral to the way we do business. Completing periodic reviews of our customers’ information is important to better serve customers. We strive to get to know you and your banking practices and habits which, in turn, helps us validate account holder information and better understand how the account will be used.
We are serious about fighting financial crime
Money laundering and financial crime remain serious threats to individuals, businesses and our economy. As such, the government has asked banks to play a more significant role in the battle against money laundering and we are proudly doing our part.
By maintaining current information, the emphasis we put on understanding our customers and what’s important to them is evident.
The more we know, the better we can do our job of serving our customers.