Before a new account
(checking, savings, loan, certificate of deposit, IRA, or safe deposit box) can
be opened or a new service established, a Certification of Beneficial Ownership Form must be completed.
What is this form?
To help the government
fight financial crime, Federal regulation requires certain financial
institutions to obtain, verify, and record information about the beneficial
owners of legal entity customers. 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 own or control a legal entity (i.e., the beneficial owners) helps law
enforcement investigate and prosecute these crimes.
Who has to complete this form?
This form must be
completed by the person opening a new account on behalf of a legal entity with
any of the following U.S. financial institutions: (i) a bank or credit union;
(ii) a broker or dealer in securities; (iii) a mutual fund; (iv) a futures
commission merchant; or (v) an introducing broker in commodities.
For the purposes of
this form, a legal entity includes a corporation, limited liability
company, or other entity that is created by a filing of a public document with
a Secretary of State or similar office, a general partnership, and any similar
business entity formed in the United States or a foreign country. Legal
entity does not include sole proprietorships, unincorporated associations,
or natural persons opening accounts on their own behalf.
What information do I have to provide?
This form requires you
to provide the name, address, date of birth and Social Security number (or
passport number or other similar information, in the case of Non US persons)
for the following individuals (i.e., the beneficial owners):
- Each individual, if any, who owns, directly or indirectly, 25 percent or more of the equity interests of the legal entity customer
(e.g., each natural person that owns 25 percent or more of the shares of a corporation); and
- An individual with significant responsibility for managing
the legal entity
customer (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer).
will also ask to see a copy of a driver’s license or other identifying document
for each beneficial owner listed on this form.
certifying person, by signing the form, will attest to the accuracy of the
Certification of Beneficial Ownership Form