New Beneficial Ownership Requirements for Legal Entity Customers

February 20, 2018
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Your business relationship is important to us.  Our goal is to make the business account-opening process an efficient and enjoyable experience for you.  Effective May 11, 2018, all banks will be subject to new rules under the Bank Secrecy Act imposed by the United States Department of Treasury. This new federal requirement will help law enforcement investigate involvement in terrorist financing, money laundering, tax evasion, corruption, fraud and other financial crimes.  

EACH time an account is opened for a covered Legal Entity, we will be required to ask you for identifying information (Name, Address, Date of Birth and Social Security Number), as well as identification documentation for:

  • EACH individual that has 25% or more Beneficial Ownership in the Legal Entity; and,
  • ONE individual that has Significant Managerial Control of the Legal Entity.

If you are opening an account on behalf of a Legal Entity, modifying signers on an existing account, renewing a Certificate of Deposit or adding a service to your account, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.

In order to make this process as efficient as possible, we suggest that you obtain the above, bulleted information, along with a copy of the current Driver’s License or State ID and a copy of a second piece of identifying information (credit card, debit card or employee ID) for EACH identified individual. Please keep this information current and available to present EACH time you come in to establish a new account or make changes to an existing account.  If you have any questions please don’t hesitate to contact us.

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