Understanding Beneficial Ownership
In May 2016, the U.S. government passed a new regulation regarding the beneficial ownership of legal entity customers. Effective May 11, 2018, all financial institutions must comply with this regulation by identifying the beneficial owner(s) and a controlling person of a legal entity customer opening or maintaining an account.
In compliance with this new regulation, OSB Community Bank will collect beneficial ownership information from legal entity customers beginning in May of 2018. This means that any time an account is opened or maintained for a legal entity, we will request information that identifies the beneficial owner(s) and controlling person of the legal entity. The required identifying information includes name, address, date of birth, identification number, and other information that will help identify those individuals. We will also be obtaining documentation to substantiate the identifying information. This information will need to be collected whether or not the person identified is an OSB Community Bank customer.
What you need to know about Beneficial Ownership
- The new regulation impacts all legal entities opening or maintaining accounts at any financial institution.
- Legal entities will need to identify and attest to all beneficial owner(s) that meet specific requirements as well as a controlling person (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President or Treasurer).
- OSB Community Bank will collect information regarding the beneficial owner(s) and control person of legal entities whether or not they have a personal relationship with the Bank.
We appreciate your business, and we want to thank you in advance for working with us as we strive to meet the requirements of the law. OSB Community Bank is committed to providing you with outstanding service and we look forward to working with you for years to come.