Beginning on May 1, 2018, to help the government fight financial crime, Federal regulations will require all financial institutions, including First Volunteer Bank to obtain, verify, and maintain a record of the information from all beneficial owners of a legal entity customer.
A legal entity includes a corporation, limited liability company, or other entity that is created by a filing of public documents with the secretary of state or similar office, a general partnership, or any similar business entity formed in the United States or foreign country. Legal entities do not include sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf.
1. Each individual who owns, directly or indirectly, 25 percent more of the equity interests of the legal entity (i.e. Each natural person that owns 25% or more of the shares of a corporation).
2. An individual with significant responsibility for managing the legal entity (i.e.a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, treasurer).
Each time an account (e.g. checking, savings, or certificate of deposit etc.) is opened or a loan is obtained or renewed on behalf of a legal entity, there will be a certification form that must be completed by the person opening the new account or obtaining the loan on behalf of the legal entity.
In order for First Volunteer Bank to comply with the upcoming federal regulation, you will be asked to provide the following information at account opening: the name, address, date of birth, Social Security number(or passport number or similar information, for foreign persons) and a copy of a driver’s license or another identifying document for all legal entity beneficial owners.
If you should have any questions regarding the upcoming requirements, please feel free to contact a member of our Customer Service Team at 423-668-4700.
Thank you for choosing First Volunteer Bank. We appreciate your trust in us.