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 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.