Effective May 11, 2018, new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. EACH time an account is opened or modified for a covered Legal Entity we are required to identify and verify business owners. The rule applies to all accounts, including loans.
What is a Beneficial Owner?
- Each individual who owns 25% or more of the company
- One individual who has significant managerial responsibility for the company
The rule applies to legal entity businesses such as a corporation, limited liability company, and general partnership, or other entity created by a filing of a public document with a Secretary of State or similar office. A partial list of exempt businesses include:
- Sole Proprietorships
- U.S. and government entities
- Registered insurance companies
- Publicly-traded companies and subsidiaries
What You Can Expect
When you open an account, we will ask you to identify the beneficial owners of your company, as defined above. You will need to provide the following for each beneficial owner:
- Date of birth
- Social Security Number
- Current home address
- Identifying information (driver’s license, passport, etc.)
Additionally, you will be asked to provide the following business information and documents:
- Federal Tax ID (IRS Form # 147C)
- State Filing Papers
- Business formation documents such as: Operating Agreement, Articles of Incorporation, Organization Bi-Laws.
If you have any questions or need additional information, please contact us at 610-588-0981.
Beneficial Ownership Certification Form
Speak with a bank representative for a complete list of required documents.