The U.S. government has implemented the new beneficial ownership regulation to help fight financial crimes. The beneficial ownership regulation requires all financial institutions to identify and verify the identities of the beneficial owners of the business as well as a controlling person of the business at the time an account is opened or maintained. This information is collected on a Certification of Beneficial Ownership form.
Who has to complete the form?
Starting in May 2018, each time a business account is opened or maintained, Rockland Trust is required to collect beneficial ownership information as well as identification documentation.
Who is considered a beneficial owner?
- Each individual, if any, who owns, directly or indirectly, 25% or more of the equity interests of the business (e.g., each natural person that owns 25 percent or more of the shares of a corporation) and,
- One individual that has significant managerial control of the business (e.g., a chief executive officer, chief financial officer, president, vice president, or treasurer).
What information do I have to provide?
If you are opening an account on behalf of a business, you will be required to provide the following information on a Certification of Beneficial Ownership form:
- Address of primary residence
- Date of birth
- Social security number
- A copy of the document used to identify them
(e.g. driver’s license or passport)
The person opening the account on behalf of the business must sign the form attesting that the information provided is accurate to the best of their knowledge.
To learn more about beneficial ownership, view our: