Beneficial Owner Notice

IMPORTANT INFORMATION - EFFECTIVE MAY 11, 2018

We value our business relationship, and our goal is to make the business account-opening process an efficient and enjoyable experience for you. Effective May 11, 2018, all banks will be subject to new rules under the Bank Secrecy Act that will assist the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.

EACH time a business account is opened for a covered Legal Entity, we will be required to ask you for personal identifying information (name, address, date of birth, and social security number), as well as identification documentation for:

• EACH individual that claims 25% or more Beneficial Ownership in the Legal Entity; and,
• ANY ONE individual that has Significant Managerial Control of the Legal Entity.

If you are opening an account on behalf of a Legal Entity, you will be required to provide [appropriate documentation] and to Certify that this information is true and accurate to the best of your knowledge.

In order to make this process as efficient as possible, we suggest that you obtain the above listed items, along with a copy of the current issued Driver’s License for EACH identified individual that either is considered as one of the individuals described above, or as a signer on the account. If your business will frequently be opening new accounts with Bank of the West, please keep this information current and available to present EACH time you visit one of our branches with plans to open a new account.  If you have any questions please feel free to contact us to discuss these mandated changes.