To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person or business that opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. For business accounts, we may ask for company formation documents and proof of tax identification number (TIN).
To help the government fight financial crime, Federal regulation requires certain financial institutions to obtain, verify, and record information about certain individuals who own or control legal entity customers at the time the customer opens a new account.
A legal entity includes a corporation, limited liability company, or other entity that is created by a filing of a public document with a Secretary of State or similar office, a general partnership, and any similar business entity formed in the United States or a foreign country. Legal entity does not include sole proprietorships or natural persons opening accounts on their own behalf. It also does not include unincorporated associations. Under some circumstances we may ask to verify the beneficial ownership details on an annual basis.
We are required to collect the name, address, date of birth and Social Security number (or passport number or other similar information, in the case of foreign persons) for the following individuals (i.e., the beneficial owners):
(i) Each individual, if any, who owns, directly or indirectly, 25 percent or more of the equity interests of the legal entity customer (e.g., each natural person that owns 25 percent or more of the shares of a corporation); and
(ii) An individual with significant responsibility for managing the legal entity customer (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer).
We are required to confirm the accuracy of this information each time a new account is opened or when certain changes are made to an account. Accounts include deposit accounts, transaction or asset accounts, and also includes loans, credit accounts, and other extensions of credit.