Effective May 11, 2018, federal regulations require financial institutions to obtain, verify, and record information about the beneficial owners of legal entity customers (corporations, limited liability companies, partnerships) before an account can be opened.
EACH time an account (deposit, loan, etc.) is opened for a covered legal entity, Wayne Bank is required to obtain identifying information (name, address, date of birth, social security number – as well as identification documentation) for the following beneficial owners:
- Each individual who owns, directly or indirectly, 25% or more of the legal entity; and,
- One individual that has significant managerial control of the legal entity.
Persons opening an account on behalf of a legal entity will be required to provide this information, and sign a form to certify that the information they have provided is true and accurate.
Contact your local community office, or call 800-598-5002, for more information.