On or after May 11, 2018, you will be required to provide information about your beneficial owners when you open a new business account or apply for a new business loan.
Who is the Beneficial Owner?
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. The identification and verification procedures for beneficial owners are very similar to those you currently follow as individual customers.
When you open an account, we will ask you to identify the beneficial owners of your company, as defined above. You will need to provide the following for each beneficial owner: name, address, date of birth, and other identification information that will allow us to identify and verify the identities of your beneficial owners. We may also ask for a driver's license or other identifying documents for each beneficial owner.
Information You Will Need to Provide
- Address (Personal or Business)
- Date of Birth
- Social Security Number or Tax Identification Number
- Acceptable Forms of Identification
- Driver's License
- State-Issued Identification Card
- Alien Identification Card