This API call allows you to automatically create and upload an Ultimate Beneficial Ownership (UBO) and
REG GG form as a physical document under the Business’s base document. This physical document is called
What is this form?
To help the government fight financial crime, Federal regulations require that we obtain, verify, and record information about the beneficial owners of businesses opening deposit accounts. Requiring beneficial owner & key individual information helps law enforcement investigate and prosecute crimes, such as terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes.
What information do I need to provide?
When you open a new deposit account (
DEPOSIT-US) on behalf of a business, we ask for beneficial owner information. Beneficial owners are:
- Each individual, if any, who owns, directly or indirectly, 25 percent or more of the equity interests of the legal entity customer (e.g., each natural person that owns 25 percent or more of the shares of a corporation; and
- An individual with significant responsibility for managing the legal entity customer (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer).
The number of individuals that satisfy this definition of “beneficial owner” may vary. Up to ten individuals (but as few as zero) may need to be identified. Regardless of the number of individuals identified, you must provide the identifying information of at least one controlling person. In some cases, the beneficial owner is also the controlling person.
See Generate UBO/Reg GG for more information.
Updated about a year ago