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Learn more about Beneficial Owner Identification
Effective 05/11/18, ALL financial institutions are required to obtain information on Beneficial Owners and Controlling persons for certain business entities before deposit, lending or safe deposit accounts can be opened and before certificates can automatically renew.
Beneficial Owner FAQs
An Authorized Signer for the business will be asked to provide the following information on each Beneficial Owner(s) & Controlling Person:
- Date of Birth
- Social Security number
- Driver’s License number (or other acceptable form of identification), issuing state/country, issue date & expiration date
- A copy of each Driver’s License (or other acceptable form of identification)
Important: The account cannot be opened until the business provides this information.
- Limited Liability Companies (LLC)
- Non-Profit Corporations (Controlling person only)
A Beneficial Owner is an individual who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, owns 25% or more of the equity interests of a business.
In the event that no one person owns 25% or more, the business will only need to provide the identification information on the Controlling Person.
A Controlling Person is:
- One individual with significant responsibility for managing the business. (Ex: Managing member, General Partner, President, Vice President, Treasurer or any other individual who regularly performs similar functions)
- Normally, the Controlling Person is the individual who signs section 4 of the Business Resolution.
Existing business accounts will be asked to provide or recertify the required information if they add a new deposit, loan, or have a certificate that will automatically renew.
In the past, Beneficial Owners of certain business entities were able to remain anonymous and use their business as a “shell” to avoid identification. This regulation has been enacted by the government in an effort to identify all individuals with 25% or more ownership in a business to help uncover prior financial crimes (money laundering, fraud, etc.).
If the business would like instructions on how to complete the Beneficial Owner form, please send a request to [email protected]. 7 17 will send a secure email containing the Beneficial Owner form, as well as instructions to complete the form.
If the business has a Certificate that is scheduled to renew, they must complete the Beneficial Owner form.
Send a request to [email protected] to receive an email containing the Beneficial Owner form, as well as instructions for completing the form. Please review the instructions and print the form. Once completed and signed by an Authorized Signer, return the form, along with a copy of all driver’s license(s), to a 7 17 branch or by mail* so we have the required ownership information on file.
7 17 Credit Union Attn: Account Administration 3181 Larchmont Ave. NE Warren, OH 44483