Beneficial Ownership
Under the Bank Secrecy Act, financial institutions are required to help the government fight financial crime by obtaining, verifying, and recording information about the beneficial owners of legal entity customers.
Each time an account is opened for a covered legal entity, we are required to ask you for identifying information (name, address, date of birth, social security number, as well as identification documents) for each individual that has beneficial ownership (25% or more) and one individual that has significant managerial control of the legal entity.
If you are opening an account on behalf of a legal entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.
We proudly support all efforts to protect and maintain the security of our customers and our country.
For the purposes of this regulation, a legal entity includes a corporation, limited liability company, or other entity that is created by the filing of a public document with a Secretary of State or similar office, a general partnership and any similar business entity formed in the United States or a foreign country.
Legal entities will need to identify and attest to all ultimate 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).
First Interstate will collect information regarding the ultimate beneficial owner(s) and control person of legal entities whether or not they have a personal relationship with the financial institution.
We appreciate your business and are committed to providing you with extraordinary service for years to come.