The law requires us to collect information on "beneficial owners,” defined as any individual who owns 25% or more of the equity interests of a legal entity. The term also includes one individual who has significant responsibility to control, manage or direct the legal entity, such as a chief executive officer or a senior manager.
If you are opening an account on behalf of an entity subject to these rules, we will ask you for identifying information (name, address, date of birth, and social security number, as well as identification documents) for each beneficial owner. You will be asked to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.
Taking these few simple steps can make it harder for criminals to launder money and help limit terrorists' access to the U.S. financial system.