Your business relationship is important to us. Our goal is to make the business account-opening process an efficient and enjoyable experience for you. All financial institutions 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 any deposit, loan, or safe deposit box account is opened or renewed 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 personal 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 such as a Chief Executive Officer, Chief Financial Officer, President, Vice President, Managing Member, etc.
If you are opening an account on behalf of a covered Legal Entity, you will be required to provide appropriate documentation 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 recommend that you obtain the above, bulleted information, along with a copy of the Driver’s License 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.
Covered Legal Entities include:
- Limited Liability Companies, or any other entity that is created by filing a public document with a Secretary of State or similar office
- General Partnerships, and any similar entity formed in the United State or a foreign county
Legal Entity does NOT include sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf.