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Beneficial Ownership Information

As of 5/11/18 Federal regulations require that financial institutions including Credit Unions collect detailed beneficial ownership data on all Corporate, LLC, LLP and Partnership business accounts.

Beneficial Owners are defined as individuals with control over an entity’s financial dealings and ownership interests in the entity. Each individual in a business who owns directly or indirectly 25% or more of the company, and/or one individual who has significant managerial responsibility for the company.

The Federal Government has made it a priority for credit unions and banks to have increased knowledge of their members and customers. We may ask you to provide information about the individuals who own or control an entity, including:
  • Name
  • Date of birth
  • Social Security Number
  • Physical Address
  • A  valid government issued photo ID
Additionally, we may periodically request updated information

Information must be collected prior to opening an account or closing a loan for the entity.

Helping to keep our members and country safe

Updated policies and programs have become increasingly important to help in the ongoing battle against money laundering and financial crime. Knowing our members and beneficial owners can help to prevent money laundering and terrorist financing through the U.S. Financial system. This is a federal regulation to improve transparency for law enforcement.