Effective May 2018, a new rule issued by the Financial Crimes Enforcement Network (FinCEN) will require financial institutions in the U.S. to identify and verify "Beneficial Owners" of entities when opening new accounts, unless they fall within certain recognized exceptions under the rule (see FinCEN's Final Rule and FAQ).
Citi will be required to collect additional information and documentation for (i) any individual who owns 25% or more, directly or indirectly, of an entity customer, and (ii) a single individual Controlling Person of an entity customer, such as a CEO.
Citi will also need to collect:
The person providing the above information to Citi will also need to certify, to the best of his or her knowledge, that the information provided is complete and correct.
The new rule will also require that Citi verify the collected information. As a result, Citi may need to request a copy of a driver’s license, passport or other similar photo identification.