Important Information about opening a Legal Entity Account
Mar 30, 2018
Section 326 of the USA Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account for a covered Legal Entity. 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 and identification documents) for:
• Each Individual that has beneficial ownership (25% or more) in the Legal Entity; and
• One individual that has significant managerial responsibility for the Legal Entity.
We proudly support all efforts to protect and maintain the security of our member and our country.
For more information about Customer Due Diligence (CDD) – Click Here