Beneficial Ownership Certification Requirements
The U.S. government has amended customer due diligence rules to require Citizens State Bank and other financial institutions to collect and verify specific information from businesses.
Why did this change occur?
The new rules help fight financial crime. Sometimes businesses can be abused and become involved in money laundering, terrorist financing, tax evasion, corruption, fraud and other financial crimes. The disclosure of key individuals who ultimately own and/or control a legal entity helps law enforcement investigate and persecute these crimes.
Required Documents
For businesses who would like to open a new Citizens State Bank account, we are required to collect certain information about the owners/controllers of the company. We are required to get a current driver’s license or government issued picture ID from anyone that owns 25% or more of the business. We are also required to get a current driver’s license or government issued picture ID from the person that will be controlling the account.
If you have any questions, please do not hesitate to contact us.