important regulatory information
FOR BUSINESS OWNERS
At Univest, we are committed to keeping our customers informed of regulatory changes that may impact the way you do business with us. Effective May 11, 2018, federal regulations will require all financial institutions to obtain, verify, and record information about the beneficial owners of all legal business entities that establish new deposit or loan accounts with the bank or in circumstances deemed necessary by the bank.
What you need to know about beneficial ownership requirements.
Legal business entities include but are not limited to corporations, limited liability companies, and general partnerships. Government agencies, publicly traded companies, sole proprietorships, and unregistered entities are not required to provide the beneficial ownership information.
If you open a new business deposit, time deposit, or loan account or if a loan is renewed or extended with Univest, all beneficial owners will be required to supply their full legal name, physical address, date of birth, social security number, and an unexpired government issued ID at the time of account opening or renewal. If a beneficial owner is not a U.S. citizen, then a passport number may be provided in lieu of the social security number.
Individuals opening a business deposit and/or loan account or renewing/extending a loan with Univest must complete a Certification of Beneficial Owners of Legal Entities form.
An unexpired government issued identification document with photograph evidencing residence or nationality like a driver’s license or passport is required.
Changes effective May 11, 2018