Important Information About Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act, a Federal Law, requires all financial institutions to obtain, verify, and record information identifying each person who opens an account, including business accounts.
What this means for you: When you open an account, we will ask for your name, address, date of birth and other information allowing us to identify you. We may also ask to see your driver's license or other identifying documents. If you are opening an account on behalf of a business entity, documents relating to the business may also be requested.
Additionally, FinCEN has adopted what they describe as a "two pronged" approach to beneficial ownership. The ownership prong includes all natural persons with 25% or more direct or indirect equity interest in a legal entity while the control prong is a single individual with significant managerial responsibility (the Rule says "control, manage, or direct") over the legal entity. We will ask to see each person's driver's license and other identifying documents, and copy or record information from each of them.
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