Who’s Behind the Business? Discover Beneficial Ownership
We’re required to collect details on the individuals who own, control, or benefit from your business when you open a business account. This ensures we can verify identities, prevent fraud, and keep your account secure.
Required for most legal entity business accounts.
What is beneficial ownership?
Beneficial ownership information reveals the individuals who own, control, or benefit from a legal entity. We collect this at account opening to meet federal requirements, verify identities, and safeguard your business against fraud.
Most legal entity customers—such as corporations, LLCs, and partnerships—must provide details on beneficial owners and one control person when opening a business account.
We collect information on individuals who own 25% or more of a business’s equity interests, along with one person responsible for managing or directing the entity. For foreign entities, we also identify anyone owning 10% or more of the equity interests.
Typically an executive, manager, or other authorized individual who has significant control over the entity’s operations. Required even if no one meets the ownership threshold.
Legal name, date of birth, residential address, and SSN/ITIN (or other government ID number for non-U.S. persons) for each beneficial owner and control person. A valid photo ID is required.
At business account opening and when certain account or ownership changes occur. We may request updates to keep information accurate.
This information helps verify identity, prevent financial crimes, and keep your accounts compliant and secure.
Information for LLCs and Corporations
Provide details for owners with 25%+ equity and one control person (e.g., CEO or manager). We’ll guide you through the required form during account opening.
What We Collect and Why It Matters
Here’s what we’ll ask for at account opening and how we use it to protect your business and meet regulatory requirements.
Required information at opening
We collect details on the business, each beneficial owner, and one control person.
Legal name, tax ID (EIN), business address, entity type, formation state/country and Ownership & Authority Documents
Individuals who own 25% or more of the equity interests for domestic entities, or 10% or more for foreign entities, must be identified and verified.
One individual with significant responsibility to manage or control the entity (e.g., an executive, manager).
Full legal name, date of birth, residential address, and SSN/ITIN or other government ID number.
Government‑issued photo ID, such as a driver’s license or passport, for verification.
An authorized representative certifies, by their signature, that the information provided is true, accurate, and complete.
How we use your information
We verify each person’s identity to help prevent fraud and financial crimes.
Information supports required regulatory checks for opening and maintaining accounts.
Accurate ownership data helps safeguard your funds and limit unauthorized access.
We maintain records as required by law and our policies to help keep your account compliant.
We may request updated information when ownership or key details change.
We limit access to your information and use it only for permitted purposes.
How it works
Share business, owner, and control person info
During account opening, provide entity details, identify owners with 25%+ equity (10%+ for foreign entities), identify the control person, and submit their name, DOB, address, SSN/ITIN, and photo ID.
Submit IDs for verification
We securely verify each individual’s identity and confirm authority to act on behalf of the business. Additional documentation may be requested based on entity type.
Certify accuracy to complete opening
An authorized representative, listed on the organization’s resolution or governing documents, certifies by signing the beneficial ownership form that the information provided is true and complete. After verification, we finalize your business account setup.
Compliance and data protection
We collect beneficial ownership information to comply with federal requirements and protect your accounts. Your data is securely stored and used solely for authorized purposes.
Why do you collect beneficial ownership information?
Federal regulations require banks to identify the individuals who own or control legal entity customers during account opening. This information helps verify identities, prevent financial crimes, and safeguard your business.
Who counts as a beneficial owner or control person?
A beneficial owner is any individual who owns 25% or more of the company’s equity interests (10% or more for foreign entities). A control person is one individual with significant responsibility to control, manage, or direct the entity, such as an executive or manager.
What information and documents will I need to provide?
For each beneficial owner and the control person, provide legal name, date of birth, residential address, SSN/ITIN or other government ID number, and a government‑issued photo ID (e.g., driver’s license or passport).
Do I need to update this information after opening the account?
We may request updates if ownership or key details change, or as required by law and policy. Keeping information current helps us maintain accurate records and protect your accounts.
Your data is protected
We use secure processes, access controls, and industry‑standard safeguards to protect the information you share. We limit access to authorized personnel and retain data only as required by law and policy.
Frequently asked questions
Clear answers to help you provide accurate information at account opening.
Are any entities exempt from providing beneficial ownership information?
Certain entity types, like publicly traded or government entities, may qualify for exemptions under specific regulations. These exemptions are limited and depend on factors like size, structure, or jurisdiction. We’ll help clarify your status and requirements during account opening.
How does this relate to FinCEN’s Corporate Transparency Act reporting?
FinCEN’s BOI reporting is a company filing requirement. Bank account opening requirements are separate and still apply. You may need to provide information to your bank even if you have filed with FinCEN.
What if no one owns 25% or more of the company?
If no individual meets the 25% ownership threshold, you are still required to identify at least one control person—such as an executive officer or senior manager—who has significant responsibility to manage or direct the entity. This ensures transparency and accountability, even when ownership is widely distributed or shared among multiple parties.
Is this a credit check or does it affect my credit?
No. This is not a credit application. Information is used for identity verification and regulatory compliance, not for credit scoring or determining creditworthiness.
Open your business account
We’ll guide you through beneficial ownership requirements and make account opening straightforward. Have your owners’ information and IDs ready to save time.
