What is this form?
International legal standards require minimum levels of transparency concerning the beneficial owners of companies, trusts and other legal arrangements for tax as well as anti-money laundering purposes. In the U.S. it is set forth under Section 325 and 326 of the U.S. P.A.T.R.I.O.T Act, and most recently enforced by FinCEN Customer Due Diligence Final Rule. In U.K., requirements pursuant to the U.K. Money Laundering Regulations number 7.4.b and 9.2 (2), and in the EU 5th AML Directive, and in Canada, Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
In accordance with these international standards, we are required obtain, verify, and record information about key individuals who own, either indirectly or directly (i.e., the beneficial owners), and/or who control a legal entity. As such, to ensure a successful launch of your program, you must complete this form in its entirety.
Who must complete this form?
This form must be completed by an authorized individual representing the legal entity customer for which the program is being set up. For the purposes of this form, a legal entity includes a Corporation, Limited Liability Company or other entity that is created by 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 is done with the information provided?
All information provided herein is verified by our Risk Assessment team. Our onboarding team is here to assist in any way we can to help you and your team complete this form. If we are unable to verify the information provided, we will request additional data and under certain circumstances may request supporting documentation such as a copy of the government-issued photo identification and/or evidence of current address (e.g., utility bill) for the disclosed owner/controlling person and any evidence of corporate structure (e.g., corporate ownership tree). You may choose to preemptively use the upload section in lieu of completing the section if you are more comfortable doing so.
We understand that our asking for this information may feel intrusive, but we are legally required to perform this assessment. We can assure you that your information will be kept confidential and stored securely per our data protection practices, and only accessed by our in-house risk assessment team.