Beneficial Ownership Requirements
Effective May 11, 2018, due to a new regulatory requirement under the Bank Secrecy Act, all EagleBank business customers will be required to provide certain information on its Beneficial Owners and Managerial Controlling Person(s).
This information must be provided on EagleBank's Beneficial Ownership – Certification Form before a new account can be opened.
What is the purpose of this form?
Federal regulation requires all banks to obtain, verify, and record information about the beneficial owners of Legal Entity customers. Legal entities can be used to disguise involvement in terrorist financing, money laundering, fraud, and other financial crimes. Requiring the disclosure of key individuals who ultimately own or control a Legal Entity (e.g., the beneficial owners) helps law enforcement investigate and prosecute these crimes.
Who has to complete this form?
This form must be completed and signed by the person authorized to open a new account with EagleBank on behalf of a Legal Entity.
For the purposes of this form, a Legal Entity includes a corporation, partnership, limited liability company, or other Entity that is created by a filing of a public document with a Secretary of State. Legal Entity does not include sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf.
What information do I need to provide?
This form requires you to provide the name, primary residence address, date of birth and Social Security Number or tax Payer ID Number as well as the name of the issuer and number of the government-issued unexpired document (e.g., driver’s license, passport, permanent resident card) for the following individuals:
Beneficial Owner: Each individual who owns directly or indirectly 25 percent or more of the equity interests of the Legal Entity.
Managerial Controlling Person: An individual with significant responsibility to control, manage, or direct the Legal Entity (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer) or any other individual who regularly performs similar functions.
By signing this form, the owner/authorized signer, will attest to the completeness and accuracy of the populated information.
For more information related to this new regulatory requirement, please contact your Relationship Manager or Branch Manager.