Legal Entity Accounts - Beneficial Ownership
Important Information About Opening a Legal Entity Account
Effective May 11, 2018, new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures, designed to combat terrorism and other national security threats.
Each time an account is opened or renewed for a covered legal entity, Century Bank of the Ozarks will be required to ask the account owner for identifying information (name, address, date of birth and social security number as well as identification documents) for:
- Each individual that has beneficial ownership (25% or more); and,
- One individual that has significant managerial control, of the legal entity
If you are opening or renewing an account on behalf of a legal entity, you will be required to provide the appropriate identifying information and documentation and to certify that this information is true and accurate to the best of your knowledge.