Beginning May 11, 2018, all financial institutions must comply with new rules when opening accounts for legal entities (corporations, partnerships and LLCs). The legal entity must now provide identifying information about the beneficial owners of the company. A beneficial owner is an individual who owns, directly or indirectly, 25% or more of the equity interest in the legal entity company opening the account.
A beneficial owner also includes the individual with significant responsibility for managing the company, for example the President, CEO, CFO, COO, Treasurer, Managing Manager or General Partner. The person opening the account on behalf of the business must sign a Certification of Beneficial Owners form that provides the name, address, date of birth and Social Security number or passport number for all individuals that qualify as beneficial owners. A copy of each beneficial owner’s ID must also be provided with the form.
Personal Account - When you open an account, we will ask for:
- Date of Birth
- Social Security or Tax Identification number (TIN)
- Driver’s license or another identifying document.
Business Account - For a business account identifying documents include:
- Articles of Incorporation and By-laws; or
- Articles of Organization and Operating Agreement/Partnership
- Verification of Tax ID/EIN (Copy of IRS letter, Tax Return, State filing or similar documentation)
Business Account for Legal Entities (Corporation, Partnership, or LLC) -We will ask for:
- Dates of Birth
- Social Security numbers for all individuals that qualify as beneficial owners
- Copies of IDs of beneficial owners