What information is needed?
Any time an account is opened for a legal entity, we collect and verify personal identifying information for the following individuals:
- A person with control, or someone with significant responsibility for managing the business — for example, an executive officer or senior manager.
- Beneficial owners, or anyone who owns (directly or indirectly) 25% or more of the business.
The requested information will include name, address, date of birth, Social Security number (or passport number), and other info that will help identify these individuals.
Why did the government pass these rules?
Gather this information helps fight financial crime. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who ultimately own or control a legal entity — i.e., the beneficial owners — helps law enforcement investigate and prosecute these crimes and ultimately will keep your business safer.
Read the federal rules here.