All Banks Subject to New Rules Under the Bank Secrecy Act for Legal Entities Effective May 11, 2018
May 29, 2018
Dear Valued Business Customer:
Your business relationship is important to us. Our goal is to make the business account-opening process an efficient and enjoyable experience for you. Effective May 11, 2018, all banks will be subject to new rules under the Bank Secrecy Act that will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.
EACH time an account is opened for a covered Legal Entity, we will be required to ask you for identifying information (name, address, date of birth, social security number), as well as identification documentation for:
- Each individual that has beneficial ownership, 25% ownership or more (ENTITY OWNER); AND,
- One individual that has significant managerial control (e.g., President, VP, CEO, CFO, Treasurer, etc.); or any other individual who regularly performs similar functions (CONTROL PERSON)
If you are opening an account on behalf of a Legal Entity, you will be required to provide beneficial ownership information and to certify that this information is true and accurate to the best of your knowledge.
In order to make this process as efficient as possible, we suggest that you obtain the above, bulleted information, along with Identification documentation for EACH identified individual. Acceptable forms of documentation include driver’s license, state issued identification card, passport, or foreign passport. Photocopies are acceptable. If your business will frequently be opening new accounts/loans, please keep this information current and available to present EACH time you come in to establish a new account. If you have any questions please do not hesitate to contact us.