New Account Opening Requirements for Business or Legal Entity Customers

Why We Need Additional Information

All federally insured financial institutions are required by the Bank Secrecy Act to collect and confirm the identities of individuals who own or control a business/legal entity. This helps the government continue their fight against financial crimes including money laundering and fraud.

Who We Need it From

A controlling person: defined as an individual who has significant responsibility for managing the business/legal entity (e.g. CEO, CFO, Treasurer, etc.).

Each beneficial owner: all those who directly or indirectly own a 25% stake or higher in the business/legal entity.

What We Need

The person opening the account will need to complete a Beneficial Ownership Certification Form. In addition, the following are needed from both the controlling person and the beneficial owner(s):

Name
Address
Ownership %

Social Security #
Date of Birth

We also need the title for the controlling person.

You may also be asked to provide a copy of:

Driver's License
Passport
Permanent Resident Card

Military ID
State Photo ID

Who Does This Apply To?

Corporations, Limited Liability Companies, Limited Partnerships, General Partnerships, Business Trusts
Non-profit corporations
Any other entity created by a filing of a public document with a Secretary of State or similar office, or any similar business entity formed in the United States or foreign country

Excluded:

Natural persons, sole proprietors, unincorporated associations, financial institutions
Governmental entities, including municipalities
Publicly held companies listed on New York, American or NASDAQ Stock Exchange
SEC registered exchanges, clearing agencies and entities

Questions about the Beneficial Owner Rule? We Can Help.

We’d be happy to answer any follow-up questions you have about the Beneficial Ownership Rule and what it means to your business. Stop in your neighborhood office or call us at 087-510-5811- BANK.