Your business relationship is important to us. Our goal is to make the business account-opening process an efficient and enjoyable experience for you. Effective May 11, 2018, all banks 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 a business account is opened for a covered Legal Entity, we will be required to ask you for identifying information, as well as 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.
If you are opening an account on behalf of a Legal Entity, you will be required to provide name, address, date of birth, social security number, and copy of driver’s license 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 suggest that you obtain the above information 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. Enclosed is the certification form that will be required when opening a new account. If you have any questions please don’t hesitate to contact us.