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Effective May 11, 2018, new rules under the Bank Secrecy Act will be in effect for covered Legal Entities opening new accounts or making modifications to existing accounts.
Beginning May 11, 2018 Century Bank will collect Beneficial Ownership information from Legal Entity customers. This means that any time an account is opened or modified for a covered Legal Entity, we will request information that identifies the ultimate beneficial owner(s) and controlling person of the Legal Entity. This information will be collected prior to opening or modifying an account for a covered Legal Entity.
The required identifying information includes name, address, date of birth, identification number, and other information that will help identify those individuals. This information will need to be collected whether or not the person identified is a Century Bank client. This information will also be collected for existing Legal Entity customers who establish or maintain accounts beginning May 11, 2018.
Covered Legal Entities include corporations, limited liability companies, partnerships and other entities created by filing a public document with the Secretary of State or similar office and any similar entity formed in the United States or a foreign country. Covered Legal Entity does not include, sole proprietorships, unincorporated associations, estates, family trusts or natural persons opening accounts on their own behalf.
For more information, please see the Questions and Answers for Beneficial Ownership. You may also contact us at 505.995.1200 or visit any of our locations.
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Save time and apply for a Personal Checking account online and have access to your banking when you're on the go! One of our friendly Personal Bankers will call you to schedule an appointment to complete the process.
It's as simple as that. We look forward to meeting you and serving your banking needs.