NEWS & EVENTS

May 21, 2018

Important Information For Our Business Customers

Thank you for being a valued customer of Southern States Bank. Your relationship is very important to us! It’s our goal to make sure the business account opening process is an efficient and enjoyable experience for you. Effective May 11, 2018, all financial institutions will be subject to new rules under the Bank Secrecy Act that will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.

Each time an account is opened for a covered Legal Entity, we will be required to ask you for identifying information (name, address, date of birth, social security number), as well as identification documentation for:

  • EACH individual that has 25% or more Beneficial Ownership in the Legal Entity; and,
  • ONE individual that has significant Managerial Control of the Legal Entity (Controlling Manager).

If you are opening an account or securing a loan on behalf of a Legal Entity, you will be required to provide the following information and to certify that this information is true and accurate to the best of your knowledge:

  • Name and Title of Person Opening Account
  • Name, Address and Type of Legal Entity for which the account is being opened

For each Beneficial Owner (anyone with 25% or more ownership):

  • Name
  • Address
  • % Ownership
  • Date of Birth
  • SSN or ITIN
  • Copy of driver’s license or other identifying document

For the identified Controlling Manager:

  • Name and Title
  • Address
  • Date of Birth
  • SSN or ITIN
  • Copy of driver’s license or other identifying document

In order to make this process as efficient as possible, we suggest you obtain the above, bulleted information, along with a copy of the current Driver’s License for EACH identified individual. If your  business will frequently be opening new accounts/loans, please keep this information current and available to present EACH time you come in to establish a new account. We understand you may have questions with this new rule under the Bank Secrecy Act. Please feel free to contact your banking officer with             questions. Thank you for your cooperation.

QUESTIONS? Contact your local branch or visit us online at www.southernstatesbank.net