Effective May 11, 2018, new rules under the Bank Secrecy Act are set to go into effect for covered legal entities. When opening a new account for a legal entity, on or after May 11, 2018, we are required to ask for identifying information (name,address, date of birth and identification number - along with identification documentation) for each individual that directly or indirectly owns 25%or more of the entity as well as one individual with significant managerial control.
