Notice to Business Customers
At Oritani Bank, we strive to make the account opening process easy and efficient for our customers. With that in mind, we wanted to make our business customers aware of some changes to our account opening process required by federal regulations.
As of May 11, 2018, all banks are subject to a new rule under the Bank Secrecy Act intended to assist the government and law enforcement in the ongoing fight against money laundering and the financing of terrorism.
When any account/loan is opened or subsequently maintained on behalf of a business, or covered legal entity, we are required to ask for certain identifying information (name, home address, date of birth, social security number) of the beneficial owners of the business or legal entity. The rule defines a beneficial owner as:
- Each individual, if any, who owns, directly or indirectly, 25 percent or more of the equity interests of the legal entity customer; and
- A single individual with significant responsibility to control, manage, or direct a legal entity customer including an executive officer or senior manager, e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, Manager, General Partner, President, Vice President or Treasurer, or any other individual who regularly performs similar functions.
We will ask for additional documentation to verify the identity of those individuals, e.g., driver’s license. All this is required as part of the government’s efforts to fight financial crime and terrorist activities.
Each time a new account/loan is opened and any time an existing account/loan is updated, amended or revised, you will be required to complete the Beneficial Ownership Form, provide copies of the required current identification for each individual owner and certify that the information is true and accurate to the best of your knowledge. To ensure an efficient experience for these actions, we recommend that you obtain the information listed above for each of the identified beneficial owners.
If your business will frequently need to open new accounts or loans with us, please keep this information current and on file for future use.
We greatly appreciate your business and will be happy to answer any questions you may have regarding the Beneficial Ownership Rule.
April 2018, updated January 2019
Click here for the Beneficial Ownership Certification Form