Effective May 11, 2018
The Beneficial Ownership rule is designed to help the government fight the funding of terrorism and money laundering activities. Federal regulation requires that financial institutions obtain, identify, and verify information about the owners (beneficial owners) of most businesses.
What does this mean?
You will need to complete and sign a Certification form. Click to download pdf form.
The following individuals need to be identified on the Certification form for your business:
- Any individual (natural person) who owns 25% or more in the business; and
- One individual with significant responsibility for managing the business (i.e. CFO, COO, General Partner, Treasurer, etc.)
Who has to complete this form?
The person opening a new account, or making changes to an existing business account, must complete this form.
What information do I have to provide?
- Physical Address.
- Date of Birth.
- Social Security Number.
- Their ownership percentage.
- A valid form of identification (i.e. driver’s license, passport, state-issued ID card).