Beneficial Ownership

Beneficial Ownership

Starting May 11th, 2018 federal regulation requires all financial institutions to now obtain identifying information for all "beneficial owners" of a legal entity. Information that must be collected includes: name, date of birth, physical address, social security number (or passport number and country of issuance). This information must be collected for individuals owning, directly or indirectly, 25% or more of the equity interest in a legal entity or individuals with authority to direct, manage or control the legal entity.

This information must be collected each time a corporation, LLC, or other entity that is created by filing with the Secretary of State opens a new account, including the renewal of a loan or certificate of deposit. We apologize for the inconvenience this may cause and appreciate your membership with Your Legacy Federal Credit Union. Below is the form we use in collecting the required information of beneficial owners, it also includes additional information, definitions and examples. Please complete the fillable PDF document and bring a current copy with you each time you visit us to open a new business account or renew a loan or Certificate.

If you have any questions regarding this new regulations or any other available products and services please call us at 419-448-0191 or stop in to one of our convenient locations.

 

Navigation

Clicky