Business

New Business Account Opening Procedures

First State Bank strives to make the account opening process easy and efficient for our business customers. With that in mind, we want to make you aware of new requirements to our account opening procedures.

Beginning May 11, 2018, new federal regulations require all banks to ask for the identifying information (name, address, date of birth, social security number) of the “beneficial owners” of a business upon the opening of a new account. The rule defines a beneficial owner as:

  • Each individual that owns 25 percent or more of the company; and
  • One individual that has the authority to exercise control of the business (such as a CEO, executive officer or treasurer)

This information is required under the Bank Secrecy Act and is intended to assist the government and law enforcement in the ongoing fight against money laundering and the financing of terrorism.

Thank you for helping us fulfill this requirement.

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