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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.

 


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