Beneficial ownership refers to anyone who enjoys the benefits of owning a security or property without being on the record as an owner.
When you open a business account, update a current one, or apply for a loan, federal law requires us (and you) to identify and provide information about your beneficial owners — each individual who owns 25% or more of the legal entity and a single control person who has managerial responsibility for it.
It’s quick, painless, and helps safeguard against terrorism funding and money laundering schemes.
Information you need to provide
- Date of birth
- Social security number
Acceptable forms of identification
- Driver’s license
- State identification card
- Resident alien card
Each individual with 25% or more equity interest in the legal entity, whether directly or indirectly
Single individual with significant responsibility to control, manage, or direct a legal entity customer (e.g., executive officer or senior manager)
An individual authorized to open accounts or provide information on behalf of the legal entity
- Limited liability company
- Other entity created by filing a public document with a secretary of state or similar office
- General partnership
- Any similar entity formed under the laws of a foreign jurisdiction that opens an account
Note: A legal entity does not include sole proprietorships or unincorporated associations.
Our business banking team can provide more detail about beneficial ownership disclosure and help you with all your banking needs.