Important information about opening an account for a legal entity (business).

 

Effective May 11, 2018, new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and national security threats. The rules require additional documentation at account opening.

EACH time an account* is opened for a covered legal entity** (business), you will be required to provide identifying information for:

  1. Each individual that has beneficial ownership (25% or more);

AND

  2. One individual that has significant managerial control of the legal entity.

Each beneficial owner and managerial controller must provide their:

  • Name
  • Physical Address
  • Date of Birth
  • Social Security Number
  • Copy of Identification Documents

Any individual opening an account on behalf of a legal entity will be required to provide the
appropriate documentation and to certify that the information is true and accurate to the best of their knowledge.


*An account is defined as a checking, savings, loan, certificate of deposit or safe deposit box.*
**A legal entity does not include: sole proprietorships, unincorporated associations, trusts (excluding statutory trusts) and natural persons.  Exempt entities include those that are Federal or State regulated, such as banks, any department or agency of the United States, of any State, or of any political subdivision of a State.
For a full listing of exempt entities