Beneficial Ownership

Important information regarding opening or modifying a business or other legal entity account

Beneficial Ownership Requirements

 

Effective May 11, 2018, new federal rules require us to identify and verify the beneficial owners of each account opened or modified for a covered legal entity. 

Who is considered a Beneficial Owner?

  • ​  Each individual who owns 25% or more of the business entity, and/or;

  •   One individual who has significant responsibility to control, manage, or direct a business entity, such as a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, President, Vice President, Treasurer.

The rule applies to legal entity businesses such as a corporation, limited liability company, partnerships or another entity created by the filing of a public document with the Secretary of State or similar office, as well as a non-profit legal entity. However, a non-profit is only subject to identification and verification of the significant responsibility individual.

What will we ask you to provide?

When you open a new account or modify an existing account, we will ask you to identify the beneficial owners of your company, as defined above. We will need the following for each beneficial owner:

  • Name

  • Date of Birth

  • Social Security Number

  • Current home address

  • Identifying information (driver's license, passport, etc.)

We will also ask you to provide the following business information and documents:

  • Federal Tax ID (IRS Form #147C)

  • State Filing Papers

  • Business formation documents such as: Operating Agreement, Articles of Incorporation, Organization By-Laws

 

If you have any questions or need additional information, please contact Customer Service at 610-767-3875.

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