Beneficial Ownership Rules

Effective May 11, 2018, rules under the Bank Secrecy Act were enacted primarily to ensure that financial institutions know their customers and thus can prevent their institutions from being used to facilitate illicit activity.

EACH time an account is opened for a legal entity, we are required to ask you for identifying information [name, address, date of birth, social security number as well as identification documents] for each individual that has beneficial ownership [25% or more] and one individual that has significant managerial control of the legal entity. We may also ask to see a copy of a driver's license or other identifying document for each individual.

If you are opening an account on behalf of a legal entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.

Effective January 1, 2024, rules under the Corporate Transparency Act require certain entities, including many small businesses, to report information about the individuals who ultimately own or control them [also known as their “beneficial owners”] to the Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury. Agencies and institutions authorized to receive this information may then use it for several specified purposes, most significantly combatting money laundering and other illicit activities that involve shell companies.

We proudly support all efforts to protect and maintain the security of our customers and our country.