Beneficial Ownership Rule
Effective May 11, 2018, to help the government fight financial crime, Federal regulation requires certain financial institutions to obtain, verify, and record information about the beneficial owners of legal entity customers. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes.
This Beneficial Ownership form must be completed by the person opening a new account on behalf of a legal entity with any of the following U.S. financial institutions: (i) a bank or credit union; (ii) a broker or dealer in securities; (iii) a mutual fund; (iv) a futures commission merchant; or (v) an introducing broker in commodities.
For the purposes of this rule, a legal entity includes a corporation, limited liability company, or other entity that is created by filing of a public document with a Secretary of State or similar office, a general partnership, and any similar business entity formed in the United States or a foreign country. Legal entity does not include sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf.
You will be required to provide the name, address, date of birth, and Social Security number (or passport number or other similar information) for the following individuals (i.e. the beneficial owners):
- Each individual, if any, who owns, directly or indirectly, 25 percent or more of the equity interests of the legal entity customer (e.g., each natural person that owns 25 percent or more of the shares of a corporation); and
- An individual with significant responsibility for managing the legal entity customer (e.g. a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer).
If you have any questions or need assistance with your Beneficial Ownership form, please don’t hesitate to contact us at 270-982-4822 or visit any of our 15 banking centers. We appreciate your business and look forward to serving your business banking needs.
We have received alerts that residents in Grayson County and surrounding counties are receiving calls offering lower credit card offers. The number usually shows up as local and on some Caller IDs as Leitchfield Deposit Bank. This is a scam! Scammers have the ability to make calls spoofing trusted phone numbers. For example, the call could come into your phone as 270.982.4822, our Customer Support department, but could in fact be a scammer. Unfortunately, no one can stop them from doing this but be prepared and stay secure!
- Don't give personal information. Do not provide any personal or financial information unless you've initiated the call and it's to a phone number you know is correct.
- Don't trust caller ID. Scammers can spoof their numbers so it looks like they are calling from a particular company, even when they're not.
- If you get a robocall, hang up. Do not press 1 to speak to a live operator or any other key to take your number off the list.
- If you respond by pressing any number, it will probably just lead to more robocalls.
- If you do receive a call, share your experience with family and friends. Knowledge is power against scammers!
If you've already received a call that you think is fake, please report it to the Federal Trade Commission at (202) 326-2222.
If you gave your personal information to an imposter, it's time to change any compromised passwords, account numbers or security questions. Please visit the federal government's one-stop resource for identity theft victims, https://identitytheft.gov.
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