The regulation requires you to provide the name, primary residence address, date of birth and Social Security Number (as applicable) as well as the name of the issuer and number of the driver’s license or passport for the following individuals:
Beneficial Owner: Each individual, if any, who owns, directly or indirectly, either 25 percent or more, or 10 percent or more of the equity interests of the legal entity customer (e.g.. each natural person that owns 25 percent or more, or 10 percent or more of the shares of a corporation) depending on credit union instruction
Controlling Person: 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 these individuals are not present at account opening, a photocopy of the presented driver's license or passport must also be provided.
• The number of individuals that satisfy this definition of "beneficial owner" may vary.
• Regardless of the number of individuals identified as beneficial owners, you must provide the identifying information of one individual identified as the "controlling person".
• It is possible that in some circumstances the same individual might be identified as both. For example, you may have the President of Acme, Inc. who also holds a 30% equity interest.
*The Certifying Person, by signing the form will attest to the completeness and accuracy of the populated information. The Certifying Person will also be required to provide on the form his/her full name, title and date of birth. Other information may be requested as part of the credit union’s standard account opening/maintenance processes.