Do all businesses or organizations need to complete the Certification?
Generally most legal entities will be required to complete the Certification and provide information about beneficial owners, including a controlling person, before a deposit, lending, or safe deposit account can be opened. Examples of legal entities are corporations, limited liability companies (LLCs), partnerships, business trusts registered with the State Corporation Commission, or IOLTAs.
However, federal, state, and local governmental agencies and companies that are publicly traded on the NYSE, Amex, or NASDQ as well as sole proprietors and informal or unincorporated organizations such as bowling leagues are exempt from this rule. The Certifying Person may still be required to sign the Certification to attest to the exemption.
Some legal entities will not be required to complete the Beneficial Ownership section of the Certification because no one owns 25% of more of the equity interest on the legal entity. Generally these legal entities will have to complete the section identifying a Controlling Person. Examples of these legal entities are charities, non-profit corporations, or escrow accounts.
If you are not sure if your organization will be required to complete a Certification or the information and documents that you will need to present at account opening, please contact your local branch or Customer Service at 800-296-6246 or by email at email@example.com .