Beneficial Ownership

The U.S. Government passed new regulations in May 2016 regarding the beneficial ownership of legal entity (business) customers. These regulations require all financial institutions to comply by collecting and providing specific information from legal entities that are establishing new relationships with Inwood National Bank in an effort to fight against financial crime.

Beginning on May 11th, 2018, beneficial ownership information will be obtained by Inwood National Bank when opening a new account, or establishing new services under the name of a legal entity. The information we are required to collect includes the Name, Date of Birth, Tax ID Number, Address, and other information of individuals who have a large ownership or controlling interest in the legal entity. This information will need to be collected even for individuals who are not directly a customer of Inwood National Bank. New accounts opened for existing Inwood National Bank legal entity customers will fall subject to the same requirements of obtaining this information going forward.

We take the privacy and protection of your information very seriously, and we will continue to do so in the future. This sensitive information is strictly being obtained in order to be in compliance with Federal law, and will be treated with the same care and protection we have always provided for our customers.

Beneficial Ownership FAQs