New rules have been implemented under the Bank Secrecy Act to help the government fight financial crimes, terrorism, and related national security threats. As a result, each time a business account or loan account, including credit cards, is established in the name of a legal entity, all financial institutions are required to obtain identifying information (name, address, date of birth, social security number) along with copies of corresponding ID (i.e. Driver’s License) for:
- Each individual that has beneficial ownership of 25% or more of the legal entity and;
- One individual who has significant managerial control of the legal entity.
In order to provide you with the best member experience, please ensure all identifying information is available each time you establish a new account or apply for credit in the name of a legal entity. Certain business credit may require beneficial ownership information of less than 25%. HVFCU will implement these requirements effective April 11, 2018. Thank you.