Beneficial Ownership

 

 

Beneficial Ownership Requirements Overview

For Our Business Customers:

When you open a new account or maintenance an account (deposit, loan or safe deposit box including renewal of a loan or certificate of deposit) or apply for a service on or after May 11, 2018, you will be required to provide information about your beneficial owners.

A Beneficial Owner is:

Check MarkEach individual who owns 25% or more of the company.

Check MarkOne individual who has significant managerial responsibility for the company.

Why We Need this Information

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

 Section 326 of the USA PATRIOT Act requires that financial institutions identify and verify the identity of the beneficial owners of all legal entity customers at the time a new account is opened, maintenance an account or apply for a service. The identification and verification procedures for beneficial owners are very similar to those you currently follow as individual customers. 

When you open an account, maintenance an account or apply for a service, we will ask you to identify the beneficial owners of your company. You will need to provide the following for each beneficial owner that will allow us to identify and verify the identities of your beneficial owners:

Check MarkName

Check MarkStreet Address

Check MarkDate of Birth

Check MarkSocial Security Number/ITIN

Acceptable Forms of Identification:

Check MarkDriver’s License

Check MarkState-Issued Identification Card

Check MarkPassport

Check MarkAlien Identification Card

For more information related to this new regulatory requirement, you may contact your banking representative or refer to the Federal Register 31 CFR part 1010 at the following: https://www.gpo.gov/fdsys/pkg/FR-2016-05-11/pdf/2016-10567.pdf