Federal regulation streamlines the process
At Continental National Bank, your business relationship is important to us. As such, our goal is to make the account opening process for businesses as efficient as possible. When opening a business account, Continental National Bank must ensure compliance with the Federal Government's Beneficial Ownership Rule (the “Rule”), which is aimed at helping the government fight against financial crimes and national security threats.
Per the Rule, EACH time a new account (deposit, CD, loan, investment or safe deposit) is opened for a legal entity customer, we are required to ask the individual opening the account for identifying information (name, address, date of birth, and Social Security number for U.S. citizens or passport number for Non-U.S. individuals), as well as a photocopy of photo identification for the legal entities’ “Beneficial Owner(s)”, being:
- ONE individual that has significant managerial control of the legal entity; and
- If applicable, EACH individual that owns 25% or more of the legal entity.
The individual opening the account on behalf of the legal entity will also be required to certify that the information provided is true and correct to the best of their knowledge.
To prevent unnecessary delays, we suggest that you obtain the above information for each identified Beneficial Owner well in advance of opening a business account. If your business will frequently be opening new accounts, please keep Beneficial Owner information current and available to present EACH time you establish a new account.
At the below link please find a Customer Guide to Beneficial Ownership with additional details regarding the Rule, a list of certain legal entities that are excluded from the Rule, as well as a Beneficial Owners Information Collection Form to aid in obtaining the necessary Beneficial Owner information.
Should you have any questions, please do not hesitate to contact your relationship manager, or Customer Service at +1 (305) 642-2440.