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New federal regulations under the Bank Secrecy Act will soon require all banks to collect information at account opening on beneficial owners and persons with significant control of legal entities. Before we get into the requirements, let’s define some terms:
Who is a beneficial owner?
Who is a person with significant control?
What is a legal entity?
What do the new regulations require?
Each time an account is opened for a legal entity (new or existing customers), banks will be required to ask for identifying information and identification documentation for the following:
Information that will have to be provided for these individuals:
Which account types are affected by the new regulations?
What is the purpose of the new regulations?
What you can do to minimize the impact of the new regulations: