Essential Information Regarding Procedures for Opening Accounts with First Landmark Bank
Section 326 of the USA PATRIOT ACT requires all financial institutions to obtain, verify, and record information that identifies each person who signs on an account or changes an existing account. This federal requirement applies to all new clients and current clients. This information is used to assist the United States government in the fight against the funding of terrorism and money-laundering activities.
What this means to you: When you open an account or change an existing account, we will ask all account signers for their name, physical address, mailing address, date of birth, social security number and other information that will allow us to identify them. We will ask to see each person’s driver’s license and other identifying documents and copy or record information from each of them.
IMPORTANT INFORMATION ABOUT OPENING A LEGAL ENTITY ACCOUNT
Effective May 11, 2018, new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. Therefore, it will be mandatory for all financial institutions to comply with this regulation.
EACH time an account is opened or maintained for a covered Legal Entity, we are required to ask you for identifying information for each individual that has beneficial ownership of 20% or more, and one individual that has significant managerial control of the Legal Entity.
- Date of birth
- Social Security Number
- Identification documents.
If you are opening an account or requesting a service on behalf of a Legal Entity, 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.
For more information on Beneficial Ownership, please contact your Relationship Manager or Banking Center. Thank you for being a valued client of First Landmark Bank.
What is a Legal Entity?
For purposes of the Bank Secrecy Act, a “legal entity customer” is defined as
- a corporation
- limited liability company
- general partnership
- and any other entity created by filing a public document with the secretary of state or similar office;
- such as a business or statutory trust,
- as well as a similar business entity formed in a foreign country.
Legal entity customers do not include, for example, sole proprietorships, unincorporated associations, estate-planning trusts, or natural persons opening accounts on their own behalf.