Effective May 11, 2018 First Commercial Bank will follow federal requirements for the opening of new business accounts, including deposit, loan and other bank services. Aimed at preventing financial crimes ranging from the financing of terrorist activities and money laundering to fraud, corruption and tax evasion, FCB is required to gather, validate and document information on all beneficial owners of legal entities at the time a new account is opened.
A legal entity is defined as a corporation, limited liability company, general partnership or entities created through the filing of a public document with a Secretary of State or equivalent office. This applies to business entities formed in the U.S. and foreign countries.
Beneficial owners are defined as:
- Individuals with 25% or greater ownership or equity interest in a legal entity, either directly or indirectly.
- Individuals possessing significant managerial control of a legal entity, such as President, Vice President, Treasurer, CEO, CFO, COO, Managing Member, etc.
When a new account is opened, the person opening the account on behalf of the legal entity will be asked to provide the name, address, date of birth and Social Security number of all beneficial owners. We may also require a substantiating form of identification (driver’s license or other valid ID) for each beneficial owner.
We are grateful for your business, and your understanding, as we implement these new federally mandated procedures going forward. It’s our privilege to serve your financial services needs.