Important Information about Opening a New Account
Effective May 11, 2018
For Our Business Customers:
When you open a new account or apply for a new loan on or after May 11, 2018, you will be required to provide information about your beneficial owners.
A Beneficial Owner Is:
- Each individual who owns 25% or more of the company, and
- One individual who has significant managerial responsibility for the company.
Why UTB Needs This Information:
To help the government fight financial crime, federal regulation requires certain financial institutions to obtain, verify, and record information about the beneficial owners of legal entity customers. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes.
Information You Will Need to Provide:
When you open an account, we will ask you to identify the beneficial owners of your company, as defined above. You will need to provide the following for each beneficial owner: Name, Address, Social Security Number for U.S. persons, and either a Social Security number, passport number and country of issuance, or other similar identification number for non-U.S persons. We will also require one primary form of identification for each beneficial owner driver's license, state-issued identification card, passport, alien identification card, etc.), and one secondary form of identification for each beneficial owner (e.g., Social Security card, firearm license, credit card, utility bill, property tax bill, voter registration card, student I.D. card, or insurance liability card).
For more information about federal beneficial ownership requirements, please contact us or give us a call at [XXX-XXX-XXXX].