New Regulation Affects ‘Legal Entities’ Opening Accounts

Effective May 11, 2018, all banks will be subject to new rules under the Bank Secrecy Act that 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, or a triggering event occurs, for a covered Legal Entity, we will be 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 25% or more Beneficial Ownership in the Legal Entity; and
  • ONE individual with Significant Managerial Control of the Legal Entity.

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

If you are unsure whether your account is a Legal Entity subject to this new rule (or what constitutes a triggering event), please contact a Personal Banker.