New Account Opening Procedure for Businesses

Beginning on May 11, 2018, due to new federal regulations, all banks will be subject to a new rule under the Bank Secrecy Act, intended to assist the government in the ongoing fight against money laundering and the financing of terrorism.

When an account is opened on behalf of a business, or covered “legal entity”, we will be required to ask you for certain identifying information (name, address, date of birth, social security number), as well as identification documentation for:

  • Each individual that has a 25% or more beneficial ownership in the legal entity; and
  • One individual that has the authority to exercise the control of the legal entity (such as a CEO, executive officer or treasurer)

We may ask for additional documentation to verify the identity of those individuals. Each time a new account is opened, you will be required to provide this documentation to certify that the information is true and accurate to the best of your knowledge.

To ensure an efficient account opening experience, we recommend that you obtain documentation for each of the identified individuals. If your business will frequently need to open new accounts or loans with us, please keep this information current and on file for future use.

If you have any questions, please don’t hesitate to contact us or learn more from the Financial Crimes Enforcement Network.

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