At Tri Counties Bank, our mission is to improve your financial success and well being, and we strive to make our processes as simple as possible for our customers while fully complying with legal requirements.
In 2018, all banks are subject to a new requirement under the Bank Secrecy Act imposed by the United States Treasury Department.
If you are establishing a new relationship or updating an existing one, we are required to ask you for identifying information (Name, Address, Date of Birth and Social Security Number), as well as identification documentation for:
- EACH individual that has 25% or more Beneficial Ownership in the Legal Entity; and,
- ONE individual that has Significant Managerial Control of the Legal Entity.
Frequently Asked Questions
What is the Beneficial Ownership Rule?
The final rule was published May 11, 2016. Under this new rule, we are required to identify and verify beneficial owners and a control person of our legal entity customers.
What is a legal entity customer?
A legal entity customer includes Corporations, Limited Liability Companies, Limited Partnerships, General Partnerships, and any other entities created by a State Office Filing.
Who is excluded from the Beneficial Ownership Rule?
Natural persons, Sole Proprietorships, Unincorporated Associations.
Who will need to be identified?
Beneficial Owners Any natural person who directly or indirectly, through any contract, arrangement understanding relationship or otherwise, owns 25% or more equity interest of a legal entity customer.
Control Person One natural person with significant responsibility to control, manage, or direct a legal entity customer, including an executive officer (CEO, CFO, COO, Managing Member, General Partner, President, Vice President or Treasurer), OR any other individual who performs similar functions.
Is there a form that will be required?
Yes. A Certification of Beneficial Ownership form must be completed prior to establishing or updating an account.
How can I obtain this form?
You can download the form by clicking here or contact your banker to obtain a copy.
Who completes this form and signs it?
This form must be completed by the person opening an account on behalf of a legal entity.
What information will be required of each Beneficial Owner/Control Person?
You will be asked to provide the name, residential address, date of birth and social security number (or passport number or other similar information, in the case of foreign person) for each person listed on the form.
Will any other identifying information be requested?
We will ask to see a copy of each person valid driver’s license or other identifying document. Please contact your banker for additional information or other possible document requirements.
