Patriot Act, Section 326 of the US Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account or changes an existing account. This federal requirement applies to all new and current customers. This information is used to assist the United States government in the fight against the funding of terrorism and money laundering activities.
What this means to you: When you open an account or change an existing account, we will ask each person for their name, physical address, mailing address, date of birth, and other information that will allow us to identify them. We will ask to see, copy, and or record each person’s driver’s license and any other form of identification presented.
Account Opening Information for our Business Customers
EFFECTIVE MAY 11, 2018. U.S. Government rules require us to document the ownership of some of our business customer’s each time an account is opened. The rules define the term account to include the opening of a new loan, a deposit account, or a safe deposit box relationship.
The rules are designed to help prevent criminals from using a business entity as a means to launder money and illicitly gain access to the U.S, financial system.
The types of business entities we must collect information on includes: corporations, non-profits, limited liability companies (LLCs), general partnerships and other similar organizations. There are exceptions. For example, the rules do not apply to sole proprietorships or entities registered with the Securities and Exchange Commission. There are other entities that are also exempt.
The Law requires us to collect information on “Beneficial Owners” defined as any individual who owns 25% or more of the equity interest of a legal entity. The term also includes one individual who has significant responsibility to control, manage or direct the legal entity, such as a chief executive officer or a senior manager.
If you are opening an account on behalf of an entity subject to these rules, we will ask you for identifying information (name, address, date of birth, social security number as well as identification documents) for each beneficial owner. You will be required to provide the appropriate documents and to certify that this information is true and accurate to the best of your knowledge.
Taking these few simple steps can make it harder for criminals to launder money and help limit terrorists’ access to the U.S. financial system.