Section 326 of the USA PATRIOT ACT requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. This federal requirement applies to all new customers. This information is used to assist the United States government in the fight against the funding of terrorism and money-laundering activities.
When you open an account, we will ask you for your name, physical address, mailing address, date of birth, and other information that will allow us to identify you. 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. You will be asked to present your driver’s license and other identifying documents, and copy or record information.