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 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:
Each individual who owns 25% or more of the company.
One 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:
Date of Birth
Social Security Number/ITIN
Acceptable Forms of Identification:
State-Issued Identification Card
Alien 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