Beneficial ownership

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
  • Name
  • Address
  • Date of birth
  • Social security number
Acceptable forms of identification
  • Driver’s license
  • State identification card
  • Passport
  • Resident alien card

Important definitions

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

  • Corporation
  • Limited liability company
  • Partnership
  • 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.

Have questions?

Our business banking team can provide more detail about beneficial ownership disclosure and help you with all your banking needs.

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