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.