Beneficial Ownership
A little extra information is now required each time your Legal Entity opens or modifies a deposit account, loan or safe deposit box. With the increase of national security threats and money laundering activities, the U.S. Government passed a new law that requires all banks to obtain the name, address, date of birth, and other information that will help identify each beneficial owner and for an individual with authority to direct and control the legal entity.
What you need to know about Beneficial Ownership
To comply with the law, the above information and documentation will be required 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.
We thank you in advance for sharing this personal information with us so that we can comply with this new requirement. As always, protecting your privacy is our top concern and you can rest assured that all customer information will be stored securely.
Shared below are the form and general instructions to use when collecting the required information for beneficial owners. You can use this form in advance to identify the information you will need to open or modify existing accounts.
Have questions about Beneficial Ownership? Reach out to our Customer Service Department at 1-866-416-9302.
Equal Housing Lender.