FinCEN Beneficial Owner Requirements

Effective May 11, 2018, the Financial Crimes Enforcement Network (FinCEN) bureau of the United States Department of the Treasury implemented new rules requiring Financial Institutions (including merchant acquirers) to identify, and verify the identity of, all benefic ial owners  and a responsible individual of all Legal Entity Customers at the time a new account is opened.

In Summary...

When opening a new bank or credit card processing account, merchants will be required to provide the Full Name, Address, Date of Birth, and Social Security Number or Individual Taxpayer Identification Number for one control owner of the business, as well as each individual who owns 25% or more of the legal entity. 

This requirement applies to all merchant acquirers, as it is a government regulation.

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