A beneficial owner is a real person who:

• Owns 25% or more of the business (directly or indirectly)

A control owner is a person who: 

• Has significant responsibility for directing or managing the business, even if they do not own 25% or more

This often includes roles such as:

• CEO, President, or Managing Member
• CFO or Treasurer
• General Partner

In some cases, the same person may meet both definitions. If no individual qualifies as a beneficial owner, you are still required to identify at least one control owner.

For each beneficial owner and one controlling person, banks are required to collect:

• Full legal name
• Home address
• Date of birth
• Identification numbers such as an SSN or passport number. 

We understand this is personal information and rest assured that we protect it using the same privacy and security standards we apply to all customer data.

Most businesses are required to provide this information, including:

• Corporations
• LLC's
• Partnerships

Some organizations, such as certain nonprofits and large operating companies may be exempt under federal rules.
If you’re unsure how your business is classified, we can help you.