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New Account Opening Requirements for Business or Legal Entity Customers

Why We Need Additional Information

All federally insured financial institutions are required by the Bank Secrecy Act to collect and confirm the identities of individuals who own or control a business/legal entity. This helps the government continue their fight against financial crimes including money laundering and fraud.

Who We Need it From

A controlling person: defined as an individual who has significant responsibility for managing the business/legal entity (e.g. CEO, CFO, Treasurer, etc.).

Each beneficial owner: all those who directly or indirectly own a 25% stake or higher in the business/legal entity.

What We Need

Please note: In addition to what we need, there is a Beneficial Ownership form you need to complete through fincen.gov. 

The person opening the account will need to complete a Beneficial Ownership Certification Form. In addition, the following are needed from both the controlling person and the beneficial owner(s):

  • Name
  • Address
  • Ownership %
  • Social Security #
  • Date of Birth

We also need the title for the controlling person.

You may also be asked to provide a copy of:

  • Driver's License
  • Passport
  • Permanent Resident Card
  • Military ID
  • State Photo ID

Who Does This Apply To?

  • Corporations, Limited Liability Companies, Limited Partnerships, General Partnerships, Business Trusts
  • Non-profit corporations
  • Any other entity created by a filing of a public document with a Secretary of State or similar office, or any similar business entity formed in the United States or foreign country

Excluded:

  • Natural persons, sole proprietors, unincorporated associations, financial institutions
  • Governmental entities, including municipalities
  • Publicly held companies listed on New York, American or NASDAQ Stock Exchange
  • SEC registered exchanges, clearing agencies and entities

Learn More About Reporting Requirements

Questions about the Beneficial Owner Rule? We Can Help.

We’d be happy to answer any follow-up questions you have about the Beneficial Ownership Rule and what it means to your business. Stop in your neighborhood office or call us at 1-800-711-BANK (2265).

 

Resources

BOI Small Compliance Guide