IMPORTANT INFORMATION ABOUT OPENING A LEGAL ENTITY ACCOUNT

Effective in 2018, all banks will be subject to new rules under the Bank Secrecy Act to clarify and strengthen customer due diligence rules. These rules include new requirements to identify and verify the identity of beneficial owners of legal entity customers for new accounts.

Beginning May 1, legal entity customers should be prepared to provide identification documentation for:

  • Each individual that has 25% or more beneficial ownership in the Legal Entity; and, 
  • Individuals that have significant managerial control of the Legal Entity.

Please contact your local branch for further details or for guidance.

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