Beginning May 11, 2018, all Banks, Credit Unions and other Financial Institutions are required to obtain, verify and record information about the beneficial owners and controllers of Legal Entity (Corporation, LLC, Partnership, LLP, Business Trust) customers.
Requiring the disclosure of beneficial owners (key individuals who own or control a Legal Entity) will help the government fight financial crime and combat terrorism. Each time an account (Deposit or Loan) is opened or changed for a covered Legal Entity, all financial institutions are required to collect identifying information (name, address, date of birth, social security number), along with copies of corresponding ID (i.e. Driver’s License) for:
- Each individual that has beneficial ownership (25%
or more); and,
- An individual that has significant managerial control
of the Legal Entity.
In support of these regulatory efforts, First State Bank will implement the new information gathering requirements April 1st, 2018. If you are opening or changing an account on behalf of a Legal Entity on or after this date, 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.
In order to provide you with the best account opening experience, it is critical that the above information be presented each time you open a new deposit account, apply for new credit, or modify an existing account/loan relationship. If you have questions about these new requirements, please contact your branch office, relationship manager, or call Customer Support 8:00am-5:00pm Monday through Thursday, 8:00am-5:30pm Fridays or 8:00am-12:00pm Saturdays at 800-511-1802.