WHAT DO YOU NEED TO OPEN A BUSINESS ACCOUNT?
American Savings Bank will need to collect the following information of the beneficial owner of 25% or more/person with significant control:
- Full Name
- Home Address
- Date of Birth
- Social Security Number
- Government Issued ID
DOCUMENTS NEEDED TO OPEN A BUSINESS ACCOUNT:
Limited Partnership or Limited Liability Partnership (LLP)
Limited Liability Company (LLC)
Other Fiduciary (Guardian, Administrator, Custodian or Conservator)
For State of Hawaii Position:
What is a Beneficial Owner?
1. Each person, if any, who owns, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, owns 25 percent or more of the equity interest of the business
2. A person with significant responsibility for managing the business (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer)
What information has to be provided?
You will need to provide the full name, home address, date of birth, Social Security number and government issued identification for each beneficial owner. If a beneficial owner is not present at account opening, a copy of the identification will need to be provided with the completed beneficial owner certification form.
Who has to complete a Business Certification of Beneficial Owner(s) form?
The form must be completed by the person opening a new business account on behalf of a legal entity. A legal entity includes a corporation, Limited Liability Company, a general partnership, or any other entity that is created by filing a public document with a Secretary of State or similar office.
The form would not need to be completed by sole proprietorships, certain unincorporated organizations and trusts or individuals opening accounts for their personal use.
Where do I find the form?
You can find a fillable and printable copy of the form here. (Add a hyperlink)
Do all businesses have to fill out the beneficial owner form?
No, Sole Proprietors, Unincorporated Associations or Organizations and Trusts are exempt from this rule.
Do all beneficial owners have to be present when opening the new account?
No, if the beneficial owner cannot be there to open the account, a copy of the ID must be brought in with the beneficial owner form.