Beginning on May 11, 2018, all banks will be subject to a new rule under the Bank Secrecy Act intended to assist the government and law enforcement in the ongoing fight against money laundering and the financing of terrorism.
When an account is opened on behalf of a business, or covered “legal entity,” we will be required to ask you for certain identifying information (name, address, date of birth, social security number) of the “beneficial owners” of the business. The rule defines a beneficial owner as:
- Each individual that has 25 percent or more of the equity interest in the business; and
- One individual that has the authority to exercise control of the legal entity (such as a CEO, executive officer or treasurer)
We may ask for additional documentation to verify the identity of those individuals. All this is required as part of the government’s efforts to fight financial crime and terrorist activities.
Each time a new account is opened, you will be required to provide this documentation and certify that the information is true and accurate to the best of your knowledge. To ensure an efficient account opening experience, we recommend that you obtain the information listed above for each of the identified individuals, as well as a copy of their unexpired driver’s license.
If your business will frequently need to open new accounts or loans with us, please keep this information current and on file for future use.
If you have any questions, please don’t hesitate to contact our Customer Care Center at 1.800.627.1632 Monday – Friday from 8:00 a.m. to 7:00 p.m., and Saturday 9:00 a.m. to 3:00 p.m.