Bringing You Up to Date on Federal Banking Regulations

May 15, 2018

Our principles of service guide everything we do for you — this includes being proactive and keeping you up to date on new federal banking regulations. As part of the Financial Crimes Enforcement Network’s (FinCEN) anti-money laundering programs, banks are required to obtain information from Beneficial Owners of legal entities opening a new account for deposit or loan.

Beneficial Ownership regulation was officially implemented on May 11, 2018 as part of FinCEN’s mission to prevent financial crimes and to protect our financial system.

The Fine Details

A legal entity client includes corporations, limited liability companies, general partnerships and similar entities formed in a foreign country. Each time an account is opened for a covered legal entity, we are required to obtain information for each individual who has beneficial ownership (25% or more equity of a legal entity) and one individual who has significant managerial control of the legal entity.

Under this regulation, Beneficial Owners must provide information such as name, street address, date of birth and Social Security Number (or passport number for foreign persons).

Here to Serve You

When it comes to new updates and regulations, let us guide you through the complexities. We’ve organized a list of frequently asked questions about Beneficial Ownership that you can read here. If you have questions about beneficial ownership and your account, reach out to our Client Experience team at 512.956.4800 or [email protected].

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