Beneficial Ownership

IMPORTANT INFORMATION ABOUT OPENING A BUSINESS ACCOUNT

Effective May 11, 2018

To fight financial crime, federal regulation will require financial institutions to obtain and record information about the beneficial owners of business customers (corporations, limited liability companies, partnerships, or similar businesses formed in the United States or foreign countries).

EACH time an account is opened for a business, 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 business.

Suppose you are opening, renewing, or revising an account on behalf of the business. In that case, you must provide the appropriate documentation and attest 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.

Beneficial Ownership Requirements

What documentation do I need to provide besides completing the Beneficial Ownership form?

Corporation:

1. Certificate of Incorporation or
2. Articles of Incorporation or Certificate of Formation
3. Certificate of Authority
4. Taxpayer ID Number or Employer Identification Number

Limited Liability Corporation:

1. Certificate of Organization or
2. Certificate of Formation or Articles of Organization
3. Taxpayer ID Number or Employer Identification Number
4. Company Regulations/Operatin Agreement (if available).

Non-Profit Corporation:

1. Certificate of Incorporation or
2. Articles of Incorporation
3. Certificate of Authority
4. Taxpayer ID Number or Employer Identification Number
 
General Partnership:

1. Partnership Agreement (if available)
2. Assumed/Fictitious Name Certificate for GP/Joint Venture
3. If GP is an entity (a Corporation or an LLC) provide documentation required of that entity
4. Taxpayer ID Number or Employer Identification Number
 
Limited Partnership:

1. Certificate of Limited Partnership
2. Limited Partnership Agreement
3. Taxpayer ID Number or Employer Identification Number
 
Escrow:

1. Agency or Escrow Agreement
2. If Escrow is an entity (a Corporation or an LLC), provide documentation required of that entity
3. Taxpayer ID Number or Employer Identification Number
 
Business Trust:

1. Trust Documents - Trust Summary (Certificate)
2. Taxpayer ID Number for the Trust
 
An internal review of documentation is required for a foreign business that is established outside of the United States. Please get in touch with a sales representative for additional information.