Your business relationship is important to us. Our goal is to make the business account-opening process an efficient and enjoyable experience for you. 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, including a loan, for a covered Legal Entity (see flow chart below to determine if you are a covered 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,
- ONE individual that has Significant Managerial Control of the Legal Entity (for example the CEO, CFO, COO, or a Vice President).
Beginning May 1, 2018, if you are opening an account or loan on behalf of a Legal Entity, you will be required to provide the information outlined above and to certify that this information is true and accurate to the best of your knowledge.
In order to make this process as efficient as possible, we suggest that you obtain the above, bulleted information, along with a copy of the current Photo ID for EACH identified individual. If your business will frequently be opening new accounts/loans, please keep this information current and available to present EACH time you come in to establish a new account or loan. If you have any questions please don’t hesitate to contact one of our Lenders or Bankers.