Effective May 11, 2018, new regulations designed to aid the government in the fight against terrorism and other national security threats, require us to gather detailed information and documentation if you will be opening or updating a business or loan account.
Each time an account or loan is opened or updated for a covered legal entity (sole proprietors are excluded), The First will be required to ask for identifying information including: name, street address, date of birth, social security number, and a copy of an unexpired government ID. This applies to the following:
● Each individual who has 25% or more beneficial ownership in the legal entity
● One individual who has significant managerial control of the legal entity
We will not be able to open an account or a loan for a legal entity without the proper information and documentation. To help you speed the process of opening or updating a loan or account, we recommend that you obtain the above information prior to your visit to the bank. As you open the loan or account, you will need to complete and sign a certification form stating that the information and documentation provided is valid.
The certification form should be kept current by the legal entity. The First may periodically ask to verify and/or update the information on file.