Beneficial Ownership Form
IMPORTANT INFORMATION ABOUT OPENING A LEGAL ENTITY ACCOUNT
Your business relationship is important to us. Our goal is to make banking with us an efficient and enjoyable experience for you.
Effective May 11, 2018, all financial institutions will be subject to new rules under the Bank Secrecy Act which will aid the government in fighting terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes.
What this means for you: EACH time a deposit or loan account is opened for a covered Legal Entity, we are required to ask you for identifying information (Name, Address, Date of Birth, and Social Security Number) and identification documents for:
- EACH individual who has 25% or more beneficial ownership in the Legal Entity; and
- ONE individual who 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 the information provided is true and accurate to the best of your knowledge.
To ensure an efficient account opening experience, we recommend that you obtain the above information, along with a copy of an unexpired government issued photo identification, for EACH identified individual. Please keep this information current and available to present EACH time you establish a new account or make changes to an existing account.
Effective January 1, 2024, many companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024.
For more information on this regulatory requirement and how it impacts you and important filing deadlines and requirements, please refer to FinCEN’s Beneficial Ownership Information webpage: www.fincen.gov/boi.
Beneficial Ownership Form
