Business Relationship Documentation
What you need to know:
Business Account Documentation Checklist
There have been some changes to new account regulations that R Bank is required to comply with. As a result of these new regulations, beginning April 1, 2018, we will begin implementing the beneficial ownership law that is going into effect on May 11, 2018. We want to implement this early so that we can assist you by answering any questions you have prior to the law going into effect.
Beneficial Ownership is a rule, formally published by FinCEN and enforced by all the financial regulators, such as the FDIC, NCUA, OCC, FRB and the Texas Department of Banking.
What this means to you:
Whether you are a current customer of R Bank or just starting your relationship with us, the next time you come in to make a change on your account or open new business account with us, you will need to know who the person(s) are that own 25% or more of your business. That may be just yourself or if a more complex business, it may be people that are not even authorized signers on your account or there may be no person that owns 25% of more of your business. Whatever the case may be, you will want to bring the following with you:
- All company formation documents for your business. If your business organization structure includes other businesses, you’ll need to bring those formation documents with you as well.
- A copy of all beneficial owners’ unexpired, driver’s license or an unexpired passport for non-U.S. persons, this also includes any individual who has significant decision-making ability on behalf of the business.
- The Social Security Number for each of the beneficial owners.
The person that comes to open or make changes to an account must have the authority to do so and will need to sign a certification form (download sample form) that states that all the above information is true and correct.
R Bank is required to comply with this rule and is committed to make this process as easy as possible. If you try to open an account with us and you did not bring a copy of the beneficial owner’s driver’s license, we will not be able to open the account for you that day.
If you have questions as to what you will need to bring with you, please contact one of our bankers at 844-722-6589 or email us. We will be happy to answer any questions that you have.