Recent changes to federal banking regulations require all U.S. financial institutions to collect information regarding the beneficial ownership of our legal entity customers. At account opening, and at times during the life of the account, the bank will ask you to provide identifying information for all natural persons who, directly or indirectly, own 25 percent or more of the equity interests in the legal entity. In certain situations, we may ask for identifying information below 25 percent. We will also request identifying information for a controlling person, such as an executive officer or senior manager, or another individual who regularly performs similar functions.
These changes take effect May 11, 2018.
How can I educate my team? What additional information is available?
We know you have questions and encourage you to read through the following FAQ.
Where do I start? What’s the easiest way for our team to prepare?
We understand this may be disruptive. Our desire is to have our clients be as prepared as possible at new account opening to avoid any delays. To assist with this, we have created a paper form that your team can use to collect the required information prior to coming into the branch.