Beneficial Ownership

Learn what you need to know about opening a legal entity business bank account.

What is beneficial ownership?


    Beneficial owners hold an ownership stake or controlling vote in a business or other legal entity. They might be a partner in an LLP or a manager in an LLC. If you’re a beneficial owner, take this simple step to protect the security of your business. Ensure that each individual with “beneficial ownership” provides information based on the latest federal regulations.

    What you need to know

    Rules created in 2018 under the Bank Secrecy Act help the government fight crimes to evade financial measures designed to combat terrorism and other national security threats. As your business bank, we’re required under these rules to ask for identifying details (name, address, date of birth, social security number and related documents) each time an account is opened for a covered legal entity from:

    • Each individual that has beneficial ownership (25% or more); and,
    • 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 the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge. LUSO Federal Credit Union proudly supports all efforts to protect and maintain the security of our members and our country.

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