Magic Online Banking

New Bank Secrecy Act Requirement

Bank Secrecy Act

Effective May 11, 2018, the Financial Crimes Enforcement Network (FinCEN) will enact new requirements under the Bank Secrecy Act for owners of businesses that meet the definition of a legal entity*.  FinCEN will require all banks and credit unions in the United States to identify those who own or control legal entities – effective for both new and existing business customers who are looking to apply for loans, open accounts or use other bank products or services.

Before a legal entity can open and use any bank product or service, the following information must be provided for the beneficial owner(s)** and control person***: 

  • Name
  • Address
  • Date of Birth
  • Social Security Number
  • Copy of non-expired, government-issued, picture ID 

We appreciate your business and thank you for your patience and understanding as we work to comply with this new Federal requirement. 

* Legal entity customer means a corporation, limited liability company or other entity that is created by the filing of a public document with a Secretary of State or similar office, a general partnership and any similar entity formed under the laws of a foreign jurisdiction that opens an account. 

** Beneficial Owner(s) is any natural person(s) with a 25% or more ownership of the legal entity.  

*** Control Person is a natural person within the management structure who has significant responsibility to control, manage or direct the legal entity.