Effective May 11, 2018, all banks will be subject to new rules under the Bank Secrecy Act that will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. Each time an account is opened for an existing or new legal entity, we will be required to ask you for identifying information (name, address, date of birth, social security number), as well as identification documentation for:
- EACH individual that has 25% or more beneficial ownership in the legal entity; and,
- A beneficial owner is each individual, who directly or indirectly owns 25% or more of the equity interest of the legal entity
- ONE individual that has significant managerial control of the legal entity.
- A single individual with significant responsibility to control, manage or direct a legal entity, including an executive officer or senior manager (e.g. CEO, CFO, COO, Managing Member, General Partner, President, Vice President or Treasurer); or any other individual who regularly performs similar functions
If you are opening an account on behalf of a legal entity, you will be required to provide appropriate documentation and certify that the information is true and accurate to the best of your knowledge.
If you have any questions please stop by your local branch or contact our Call Center at 1.877.908.6555.