Important Information about Opening New Business Accounts
Beginning May 11th, 2018, new federal regulations require all banks to ask business customers who are opening accounts for the identifying information
(name, address, date of birth, social security number) of the business' beneficial owners.
Who is a Beneficial Owner?
- Each individual that owns 25 percent or more of the company
- One individual that has the authority to exercise control of the business
(such as the CEO, executive officer or treasurer)
What Identifying Information is Needed?
Each beneficial owner's name, address, date of birth, and social security number must be provided. Acceptable forms of identification include a driver's license, state-issued identification card, passport, or alien identification card.
Why is this Information Needed?
This information is required under the Bank Secrecy Act to assist the government and law enforcement in the ongoing fight against money laundering and the financing of terrorism.