2664 Route 130
Cranbury, NJ 08512
Starting May 11th, 2018 all non-exempt First Bank business customers will be asked to provide certain information regarding the Beneficial Ownership of their business. This change is due to a new regulatory requirement and requires non-exempt business customers to detail the beneficial ownership structure of their business as well as a controlling person for that business.
Why the change?
To help the government fight financial crime, federal regulation requires certain financial institutions to obtain, verify, and record information about the beneficial owners of legal entity customers. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who ultimately own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes.
Who completes the form?
This form must be completed and signed by the person authorized to open a new account or otherwise act on behalf of a legal entity. For the purposes of this form, a legal entity includes a corporation, limited liability company, or other entity that is created by a 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 entity does not include sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf.
What information is required?
This form requires you to provide the name, primary residence address, date of birth and Social Security Number (as applicable) as well as the name of the issuer and number of the driver’s license or passport for the following
Each individual, if any, who owns, directly or indirectly, 25 percent or more of the equity interests of the legal entity customer.
An individual with significant responsibility for managing the legal entity customer
The Certifying Person, by signing the form will attest to the completeness and accuracy of the populated information. The Certifying Person will also be required to provide on the form his/her full name and title. Other information may be requested as part of the bank’s standard account opening/maintenance processes.