New Rules under the Bank Secrecy Act
Effective May 11, 2018, all financial institutions will follow new rules under the Bank Secrecy Act. These changes 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.