Your business relationship is important to us. Our goal is to make your business account-opening process as efficient and enjoyable experience for you. All banks in the United States 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, the government request that we 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 of behalf of a Legal Entity, the government request that we ask you to provide proof of your business tax identification number obtained from the IRS (SS4 letter) along with a certification of good standing from the Secretary of State 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 government issued identification 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.
If any change in ownership occurs after account opening, you will be asked to provide and certify new ownership information.
If you have any questions please don't hesitate to contact us. Thank you for working with us to comply with the government's efforts to fight money laundering and terrorism.