Beneficial Ownership Rule
Beginning May 2018, government regulations require that designated entities provide information about the owners and/or a controlling manager of the organization when applying for a new loan, opening a new deposit account or renewing an existing account. This regulation is imposed on all financial institutions.
A Certification of Beneficial Ownership Form is needed for an entity that falls within FINCen guidelines. Once National Exchange Bank & Trust has this information on file, we will verify it is current and accurate each time an account relationship is renewed or a new account relationship is established.
If you have any questions about this regulation, please reach out to your local National Exchange Bank & Trust for more information. Please use the helpful links on the right to prepare yourself with the appropriate information for application/account opening and the general guidelines that all financial institutions need to follow.