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Beneficial Ownership
 

Beneficial Ownership Rules

beneficial ownership

IMPORTANT INFORMATION ABOUT OPENING A LEGAL ENTITY ACCOUNT

Effective May 11, 2018, new rules under the Bank Secrecy Act were enacted to aid the government in the fight against crimes, often used by legal entities, to evade financial measures that were designed to combat terrorism and other national security threats.

EACH time an account is opened for a legal entity, we are required to ask you for identifying information [name, address, date of birth, social security number as well as identification documents] for each individual that has beneficial ownership [25% or more] and one individual that has significant managerial control of the legal entity. We may also ask to see a copy of a driver's license or other identifying document for each individual.

If you are opening an account on behalf of a legal entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.

We proudly support all efforts to protect and maintain the security of our customers and our country.


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