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. Beginning 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.
FAQs
Beneficial owners are defined as individuals who own, directly or indirectly, 25% or more of the equity interests of the legal business entity and individuals with significant managerial control over the business entity such as Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, President, Partner, Treasurer or Managing Member.
Legal business entities include but are not limited to corporations, limited liability companies, and general partnerships.
If you open a new business deposit or loan account 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. If any owners are not present at account opening, copies of identifying information opening, copies of identifying information can be provided to satisfy this requirement.
Individuals opening a business account must complete a Certification Form.
Beneficial owners do not have to be present at account opening. Copies of identification documentation can be provided to meet financial institution requirements.
An unexpired government issued identification document with a photograph that shows evidence of residence or nationality such as a driver’s license or passport is required.
A legal business entity must identify one individual with significant managerial control and may have up to four additional beneficial owners.
Beneficial owners are not required to be signers on the account(s). However, not being a signer on the account(s) does not exclude the beneficial owners from providing the required information and documentation.
Beneficial ownership information is required to be collected at account opening. Unfortunately, we will not be able to open the account or continue a banking relationship with any legal business entity who declines to provide the information.
For more information, please stop by your local Univest financial center, speak with your relationship manager or call 877.723.5571.
Changes effective May 11, 2018
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