New Requirements for Business Accounts Regarding:
Your business relationship is important to us. Our goal is to make the business account opening process as efficient and painless as possible for you.
Effective May 11, 2018, all banks are subject to new rules under the Bank Secrecy Act imposed by the United States Department of Treasury. This new federal requirement will help law enforcement investigate involvement in terrorist financing, money laundering, drug dealing, fraud, and other financial crimes.
EACH time an account is opened or an existing account’s structure is changed for a covered business, which the rule calls a Legal Entity, we will be required to ask you for identifying information (Name, Address, Date of Birth and Social Security Number), as well as a copy of your driver’s license or government issued ID for:
- EACH individual that has 25% or more Beneficial Ownership in the Legal Entity; and,
- ONE individual that has Significant Managerial Control of the Legal Entity.
You will be asked to certify that this information is true and accurate to the best of your knowledge. We will provide a Beneficial Ownership Form to collect this information.
Please be assured that we go to great lengths to protect and maintain the privacy and security of our customers and our country.
Suggestion for a Smoother Process
In order to make this process as efficient as possible, we suggest that you obtain the Name, Address, Date of Birth and Social Security Number along with a copy of the current Driver’s License or government issued ID for EACH identified individual.
Please keep this information current and available to present EACH time you come in to establish a new account or make changes to an existing account.