Beneficial Ownership and Customer Due Diligence

Financial Institutions are required to collect Beneficial Ownership Information on all new business accounts and incorporate the collection of Customer Due Diligence information into our Bank Secrecy Act Compliance Program for all customers. 

 

As a new business entity customer, it means that when you open a new account you will be required to complete a form regarding Beneficial Ownership of the business entity.

Additionally, for all business customer(s) or individual(s), you will be required to provide updated information regarding changes to your address, updated identification information, current employment, current phone number(s) or any other missing information necessary to update our system information. We will ask to update the Beneficial Ownership information of existing business entity customers any time we have knowledge or suspect that the beneficial ownership structure of the entity has changed.