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In response to regulations issued by the Federal Government, SF Fire Credit Union has new requirements regarding the information we must collect and maintain on certain business accounts. These regulations require all credit unions, banks, and savings associations to collect identifying information about the owners and/or persons with operational control over a legal entity (certain types of businesses or organizations).
We must collect this information:
- Before a business membership or a new account can be opened for that legal entity
- At the time of any change to an existing account in the name of the legal entity
- When the credit union believes there has been a significant change in ownership, control, or activity of the business.
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What types of businesses or organizations are considered a legal entity and subject to these regulations?
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What’s not considered a legal entity under the regulations?
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What information do you need to provide?
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How often will you be asked to certify your ownership information on an existing business membership?
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Will this change how you conduct business in the branches?
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Must all the owners and the person with control over your organization be present to open a new account or make changes to an existing account?
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Is the ownership information kept confidential?
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Mon – Fri 9:30 AM – 5:30 PM
Saturday 10:00 AM – 2:00 PM
