Beneficial Ownership - The Adirondack Trust Company
Main Content
Select the search type
  • Site
  • Web
Search
Skip Text

Beneficial Ownership

May 2018

Please read this important notice:

At the Adirondack Trust Company, we strive to make the account opening process easy and efficient for all of our customers. With that goal in mind we would like to make you aware of some upcoming changes to our account opening process for all business accounts that are required by federal regulation.

Beginning on May 11, 2018, Adirondack Trust Company and all banks will be subject to a new rule under the Bank Secrecy Act intended to assist the government and law enforcement agencies in the ongoing fight against money laundering and the financing of terrorism. When an account is opened on behalf of a business, or covered “legal entity,” we will be required to ask for certain identifying information (name, address, date of birth, social security number) of the “beneficial owners” of the business. The rule defines a beneficial owner as:

  • Each individual that has 25 percent or more of the equity interest in the business; and
  • One individual that has the authority to exercise control of the legal entity (such as a CEO, executive officer or treasurer)

We may ask for additional documentation to verify the identity of those individuals. All this is required as part of the government’s efforts to fight financial crime and terrorist activities.

Beginning this quarter , we will implement these requirements. Each time a covered legal entity opens a new account or sub account,  we will require  this documentation and certification that the information is true, accurate and current. To ensure an efficient account opening experience, we recommend that you speak to one of our branch managers before you open your next account. We will be happy to assist you in determining if these new regulations apply to your legal entity and what additional information you may need to provide.

Please contact us at (518) 584-5844 with any questions or visit our nearest branch location.  We greatly appreciate your business and look forward to serving your financial needs.

Download the Beneficial Ownership Certification form for opening a new account. Please speak with any of our Branch Managers if you have questions regarding the completion of this form.

 

You are leaving Adirondack Trust Company's web site.

The web site you have selected is an external one located on another server. Adirondack Trust Company has no responsibility for any external Web site. It neither endorses the information, content, presentation, or accuracy nor makes any warranty, express or implied, regarding any external site.

Thank you for visiting Adirondack Trust Company's Web site.

Continue
×

Unsecure Email Disclosure

Your privacy is very important to us. We would like to advise you that Internet email is not a secure method of communication. Please do not submit any information that you consider confidential. We recommend you do not include any specific identifying information such as your social security, account, PIN numbers, date of birth, etc...

Continue
×

Affiliate Website Notice

By clicking Continue, you will be taken to our affiliate's website. Products and services offered shown will be provided by our affiliated entity. Some products offered may not be FDIC insured. Please read the privacy and security policies on our affiliate's website. In some instances, these policies may differ from those of FIS 2020.

Continue
×