What is Beneficial Ownership?
A beneficial owner is a person who owns or controls a legal entity. Starting in 2018, the U.S. government required all financial institutions to obtain, verify and record information about the beneficial owners of legal entity customers. This means that any time an account is opened or maintained for a legal entity, we will request information that identifies the ultimate beneficial owner(s) and controlling person of the legal entity. This information is collected whether or not the person identified is a Landmark National Bank customer.
Who is a Beneficial Owner?
Beneficial Owner: Each individual, if any, who owns, directly or indirectly, either 25 percent or more of the equity interests/corporate shares of the legal entity customer
Controlling Person: An individual with significant responsibility for managing the legal entity customer, including:
- Chief Executive Officer
- Chief Financial Officer
- Chief Operating Officer
- Managing Member
- General Partner
- Vice President
What Information Do I Have To Provide?
When opening an account for a legal entity, you will need to provide the following information for each beneficial owner or controlling person:
- Primary Residence Address
- Date of Birth
- Social Security Number
- Name of the Issuer and Number of the Driver’s License or Passport
How Does Landmark Handle the Information?
While we understand the information requested is personal and sensitive, we need to obtain this information in order to comply with the law. As always, we will treat all information collected with the utmost care. All information collected by Landmark is securely stored and handled in accordance with our strict privacy policies.