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 for 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.
If you are opening an account on behalf of a Legal Entity, you will be required to provide the above identifying information, along with a copy of the current Driver’s License for EACH identified individual. You will be required to certify that this information is true and accurate to the best of your knowledge. If you have any questions please don’t hesitate to contact your local branch.