Important Information for Business Customers

Effective May 11, 2018, new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. EACH time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number as well as identification documents) for:

  • Each individual that has beneficial ownership (25% or more); and
  • One individual that has significant managerial control of the Legal Entity

If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.

Note: For the purposes of this regulation, a legal entity includes a corporation, limited liability company, or other entity that is created by a filing of a public document with a Secretary of State or similar office, a general partnership, and any similar business entity formed in the United States or a foreign country. Legal entity does not include sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf.


If you are a Legal Entity looking to open a new account, you may click the link below to access the

documentation required under this new regulation. This document must be completed in its entirety

before your new account can be opened.


Beneficial Owners of Legal Entity Customers (Form)