Bank Secrecy Act: The Rules for New Account Opening & Beneficial Ownership


The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury issued a final rule applicable on May 11, 2018 for new account openings. Financial institutions are required to identify and verify beneficial ownership for legal entity customers when opening new accounts.

The BankStuffers brochure, “The Rules for New Account Opening & Beneficial Ownership” explains in straight forward language to your business customers what is required of them to open a new account.