Attention All Business Customers
Beneficial Ownership Overview
In May 2016, the U.S. government passed a new regulation regarding the beneficial ownership of legal entity customers. Going forward, it will be mandatory for all financial institutions to comply with this regulation by identifying the ultimate beneficial owner(s) and a controlling person of a legal entity customer opening or maintaining an account. In compliance with this new regulation, Pendleton Community Bank will collect beneficial ownership information from legal entity customers starting on May 11, 2018. 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. The required identifying information includes name, address, date of birth, identification number, and other information that will help identify those individuals (i.e. driver's license information). This information will need to be collected whether or not the person identified is a Pendleton Community Bank customer. This information will also be collected for existing legal entity customers who establish or maintain accounts once this new regulation is implemented at Pendleton Community Bank on May 11, 2018.
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 will be stored securely and handled with the same standard of privacy that we have always maintained.
What you need to know about Beneficial Ownership: The new regulation impacts all legal entities (corporations, LLCs, general partnerships, and other entities that are created by the filing of a public document with a Secretary of State, or formed under the laws of a foreign jurisdiction) opening or maintaining accounts at any financial institution.
Legal entities will need to identify and attest to all ultimate beneficial owners that meet specific requirements, as well as a controlling person (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President or Treasurer).
Pendleton Community Bank will collect information regarding the ultimate beneficial owners and control person of legal entities whether or not they have a personal relationship with us.
We appreciate your business and are committed to providing you with extraordinary service for years to come.