North Shore Bank

Beneficial Ownership Rules

Effective May 11, 2018

All Banks will be subject to new rules under the Bank Secrecy Act that will aid the government in the fight against terrorism and other national security threats.

Each time an account is opened, a certificate of deposit is renewed or a loan is originated for a covered Legal Entity*, we will be required to ask for identifying information (name, address, date of birth, social security number), as well as identification documentation for:

  • Each individual that has 25% or more Beneficial Ownership in the Legal Entity; and,
  • One individual that has Significant Managerial Control of the Legal Entity.

If you are opening an account on behalf of a Legal Entity, you may be required to provide appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.

In order to make this process as efficient as possible, we suggest that you obtain the above information, along with a copy of the current Driver’s License or other legal documents (such as a passport), for each identified individual. If your business will frequently be opening new accounts/loans, please keep this information current and available to present each time you come in to establish a new account.

*Covered Legal Entity Definition: Legal entity customer means a Corporation, Limited Liability Company, or other
  entity that is created by the filing of a public document with a Secretary of State or similar office.