Beneficial owners are individuals who either own a significant portion of a business or have substantial control over its operations.
When opening a US business bank account, banks are required to collect information about beneficial owners to comply with anti-money laundering regulations and ensure transparency. This helps prevent illegal activities like money laundering or terrorism financing by identifying the real people behind a business.
Do I have to provide the names of other company owners?
Yes, this is a regulatory requirement. All owners will be required to provide their passport details as part of the account opening process.
What happens if a company owner does not have a valid passport?
Please contact [email protected] for further guidance on a case-by-case basis.