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Beneficial Ownership Rule

To help the government fight financial crime, a new rule from the Financial Crimes Enforcement Network (FinCEN) requires us to collect, verify, and record information about the beneficial owners of our legal entity customers.  The Rule is effective May 11, 2018.

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.

You are required to provide the name, address, date of birth, and Social Security number (or passport number or other similar information, in the case of foreign persons) for the following individuals (i.e., the beneficial owners):

(i) 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

(ii) 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).

Beneficial ownership information is required:

  • any time a new account is opened, or
  • if there are changes in beneficial ownership since the last certification for your entity, or
  • as requested by Surrey Bank & Trust.

 

External Disclaimer

You will be linking to another website not owned or operated by Surrey Bank.  Surrey Bank is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by Surrey Bank of any information in any hyperlinked site. We encourage you to review their privacy and security policies which may differ from Surrey Bank. 

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Email Disclaimer

Because there is a risk that information transmitted via Internet email could fall into the wrong hands, Surrey Bank suggests that confidential information, such as account numbers or social security numbers, not be transmitted via email. If this information must be stated, please contact Surrey Bank by phone or at your nearest office. 

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