New Business Account Opening Procedures

Beginning May 11, 2018, new federal regulations require all banks to ask business customers who are opening an account for the identifying information of the business’ “beneficial owners.”

Identifying information includes name, address, date of birth and social security number (or passport number or other similar information, in the case of Non-U.S. Persons).

The rule defines a beneficial owner as:

  • Each individual that owns 25 percent or more of the company; and
  • One individual that has the authority to exercise control of the business (such as a CEO, executive officer or treasurer)

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

This information is required under the Bank Secrecy Act and is intended to assist the government and law enforcement in the ongoing fight against money laundering and the financing of terrorism.

Thank you for helping us fulfill this requirement.