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Financial Tips

Does your employer offer a 401k plan? A little bit every pay check can make a huge difference when you get ready to retire.

The Rules for New Account Opening and Beneficial Ownership

Effective May 11, 2018

  • What Is beneficial ownership?
  • Who is affected?
  • What are the new rules?

Helping to fight money laundering and other financial crimes

The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury has revised the Bank Secrecy Act rules. Financial institutions are now expected to expand their customer due diligence programs to include the collection and verification of beneficial ownership information for business and legal entity customers at new account openings.


What Is beneficial ownership?

An individual’s beneficial ownership in a legal entity is determined by applying two separate criteria: ownership percentage and management control.

Ownership percentage – If an individual owns a 25 percent or more equity interest (e.g. a shareholder) in the legal entity then they must be identified. This minimum standard for ownership percentage could affect zero to 4 persons.

Management control – The one individual that holds a significant responsibility to control, manage or direct the business or legal entity (e.g. CEO, President, Treasurer, General Partner, Managing Member, etc.) in other words a high-level official.

The beneficial ownership rule requires that a legal entity customer must provide identifying documentation for at least one, and up to 5, Beneficial Owners to open a new account or loan.


What type of information is needed?

An authorized signer of the entity will be required to sign a certification listing the individuals that are the Beneficial Owners. The Certification also requires each Beneficial Owner’s address, date of birth, Social Security number or other government identification number, Primary and Secondary Identification, and other identifying information. In the case of a foreign person, a passport number or other similar information is required.

Original documents are not required.

Copies of identity documents are acceptable in the case of the beneficial owners. In some instances, copies of other identifying documents may also be required for each beneficial owner.

What is a legal entity customer?

The legal entity definition includes a corporation, a limited liability company, other entity created by the filing of a public document with a Secretary of State or similar office, a general partnership, and any similar entity formed under the laws of a foreign jurisdiction that opens an account. Importantly, also included are limited partnerships, business trusts that are created by filing with a state office, and any other entity created in this manner.

What is an account?

An account means a formal financial relationship established to provide or engage in services, dealings, or other financial transactions including a deposit account, a transaction or asset account, a credit account, or other extension of credit. Account also includes a relationship established to provide a safety deposit box or other safekeeping services, or cash management, custodian, and trust services.

How long are records retained?

The financial institution must retain the information for five years after the date the account is closed or, in the case of credit cards, five years after the account Is closed or becomes dormant.


The rules that expand the customer due diligence programs are subject to certain exclusions and exemptions. Download "Entities Exempted from beneficial Ownership Rule" for a list of these exemptions. There are some legal entities that have reduced requirements. Click Here for Industrial Bank's Beneficial Ownership Certification form that walks you through the requirements. For a complete explanation of the program please check with your Industrial Bank Personal Banker or call 202-722-2000 or email info@industrial-bank.com.

Thank you for your cooperation in this important effort.

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CONTACT US

If you need additional assistance, our Customer Service Department is available Monday through Friday from 8:30 am to 6:00 pm Eastern Standard Time at  202-722-2000; or info@industrial-bank.com. Any inquiries received after hours will be addressed the following business day.

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Thank you to Industrial Bank for helping the black church throughout your entire 80 years. Thank you for how you empower the community.

Rev. Dr. G. Browning
Pastor of Ebenezer AME Church

Industrial has made a big difference in the African American community. So many people depend on it. I’m so proud of them and all they do.

V. Ali
Co-owner of the popular DC eatery Ben’s Chili Bowl

They are very straightforward without the gimmicks and hidden fees. The Business/Non-profit account fees they do have are the lowest, especially in the DC Metro area. I love this bank and can't believe I had not tried them sooner.

Tariq

So neat to just learn that this bank still exists and to know that it has existed for 80 years. I know that it was right down the street from me when I was a child now I am 61! :-)

Gaye Bri Moore

With my new job, I will be depositing my coins into a Black Owned bank (@BankIndustrial). Goodbye, Bank of America.

D. Gambrell @DcsMediaDiva

As a millennial I'm proud to be a part of @BankIndustrial. -@savantmusa


Another awesome experience at @BankIndustrial. I discussed the need for an internship for students with them. Gotta look out for the youth.

M. Hughes

We are moving our resources to a Black bank @BankIndustrial in DC that is investing & helping our community. @revtonylee #ReachWithUs - ABFE @ABFE


The DC Chamber is proud to support and to provide value funding to DC area companies fueled by great ideas and sound business leadership. The winners of this grant program represent some of the best and brightest of the region’s leading small businesses.

H. Wingo

The grant that we were able to receive today from Industrial will truly help fuel the next step of growth for our company. This type of commitment to small businesses is what makes Industrial a valued partner for us and other growing companies.

R. Chambers
CEO of Advance Employee Intelligence

Our commitment has only grown stronger though the years, and we stand poised to bring our unwavering commitment of delivering convenient, personalized, high-quality products to the communities we serve.

B. Doyle Mitchell, Jr.
President/CEO of Industrial Bank

Banking with Industrial has been easy. My banker at the Oxon Hill banking center helped me establish a Student Checking account, so now I can bank on the go.

C. Johnson
College Student

Industrial helped me make my small business more successful. I received an SBA-expedited loan and merchant services, and I get fantastic service.

M. Luiz
Small Business Owner

I never knew helping my customers could be so easy! Industrial offers mortgage products and friendly service to help first-time home buyers, with no down payment!

J. Smith
Realtor

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