OPEN A NEW ACCOUNTBusiness Login Personal Login WHY INDUSTRIAL? PERSONAL BUSINESS LOCATIONS CONTACT US BENEFICIAL OWNERSHIP The Rules for New Account Opening and Beneficial Ownership What Is beneficial ownership? Who is affected? What are the new rules? HELPING TO FIGHT MONEY LAUNDERING AND OTHER FINANCIAL CRIMES The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury has revised the Bank Secrecy Act rules. Financial institutions are now expected to expand their customer due diligence programs to include the collection and verification of beneficial ownership information for business and legal entity customers at new account openings. WHAT IS BENEFICIAL OWNERSHIP? An individual’s beneficial ownership in a legal entity is determined by applying two separate criteria: ownership percentage and management control. Ownership percentage – If an individual owns a 25 percent or more equity interest (e.g. a shareholder) in the legal entity then they must be identified. This minimum standard for ownership percentage could affect zero to 4 persons. Management control – The one individual that holds a significant responsibility to control, manage or direct the business or legal entity (e.g. CEO, President, Treasurer, General Partner, Managing Member, etc.) in other words a high-level official. The beneficial ownership rule requires that a legal entity customer must provide identifying documentation for at least one, and up to 5, Beneficial Owners to open a new account or loan. WHAT TYPE OF INFORMATION IS NEEDED? An authorized signer of the entity will be required to sign a certification listing the individuals that are the Beneficial Owners. The Certification also requires each Beneficial Owner’s address, date of birth, Social Security number or other government identification number, Primary and Secondary Identification, and other identifying information. In the case of a foreign person, a passport number or other similar information is required. ORIGINAL DOCUMENTS ARE NOT REQUIRED. Copies of identity documents are acceptable in the case of the beneficial owners. In some instances, copies of other identifying documents may also be required for each beneficial owner. WHAT IS A LEGAL ENTITY CUSTOMER? The legal entity definition includes a corporation, a limited liability company, other entity created by the filing of a public document with a Secretary of State or similar office, a general partnership, and any similar entity formed under the laws of a foreign jurisdiction that opens an account. Importantly, also included are limited partnerships, business trusts that are created by filing with a state office, and any other entity created in this manner. WHAT IS AN ACCOUNT? An account means a formal financial relationship established to provide or engage in services, dealings, or other financial transactions including a deposit account, a transaction or asset account, a credit account, or other extension of credit. Account also includes a relationship established to provide a safety deposit box or other safekeeping services, or cash management, custodian, and trust services. HOW LONG ARE RECORDS RETAINED? The financial institution must retain the information for five years after the date the account is closed or, in the case of credit cards, five years after the account Is closed or becomes dormant. The rules that expand the customer due diligence programs are subject to certain exclusions and exemptions. Download "Entities Exempted from beneficial Ownership Rule" for a list of these exemptions. There are some legal entities that have reduced requirements. Click Here for Industrial Bank's Beneficial Ownership Certification form that walks you through the requirements. For a complete explanation of the program please check with your Industrial Bank Personal Banker or call 202-722-2000 or email customerservice@industrial-bank.com. Thank you for your cooperation in this important effort. CONTACT US For questions, comment or if assistance is required, please send an email to customerservice@industrial-bank.com. A Client Service Specialist will contact you within 3 business days. Our Client Services team is available Monday - Friday 8:30am - 6:00 pm and Saturday 9:00am - 1:00pm Eastern Standard Time, 202-722-2000. CardControl CardControl – available in the mobile app for personal accounts only. Set up account alerts, freeze your personal debit card if lost or stolen Online Banking Industrial Bank Online Banking is a fast, easy and secure way to access all of your accounts. Available for both Personal and Business accounts, online banking features include – transfer funds, check balances, order checks, pay bills. Mobile Banking The convenience of banking from your favorite mobile device wherever you are. Available for both Personal and Business Banking. SEE OUR BANKING TEAM SEE OUR BANKING CUSTOMERS Just a note, the customer services I received today was outstanding, knowledgeable, patient, professional and simply helpful. Mrs. Tekel is an asset. Norman R. Hodges Owner of 4c Mobile Services Previous MORTGAGE My Servicer Account Get information regarding your IB mortgage, make payments online and more. Oct 20, 2015, 02:05 AM NEW PRODUCT CardControl Freeze your debit card, control your spending, and set up alerts. Jul 27, 2021, 13:21 PM INFORMATION Notaries Visit these banking centers to get your documents notarized today. Apr 2, 2020, 15:35 PM FINANCIAL EDUCATION Financial Education Do you know the basics of Money Management? Learn more Mar 28, 2019, 18:03 PM Next JOIN OUR MAILING LIST! Email First name Last name Industrial Bank does not share your contact information with any third-party vendors. 4812 GEORGIA AVENUE., N.W. WASHINGTON, D.C. 20011 (202) 722-2000 [phone] email: customerservice@industrial-bank.com Industrial Bank Routing Number: 054000959 WHY INDUSTRIAL Careers Community News Investor Relations Social Media PERSONAL Checking Savings & Investments 24 Hour Banking BUSINESS Checking Savings & Investments Cash Management Loans LOCATIONS Georgia Avenue, DC U Street, DC J.H. Mitchell, DC-(CLOSED) Anacostia Gateway, DC Oxon Hill, MD Forestville, MD Halsey Street, NJ Bergen Street, NJ Harlem, NY ACCESSIBILITY STATEMENT | SECURITY STATEMENT | PRIVACY NOTICE 2018 | BENEFICIAL OWNERSHIP | SYSTEM REQUIREMENTS 2019 INDUSTRIAL BANK. TRADEMARKS AND BRANDS ARE THE PROPERTY OF THEIR RESPECTIVE OWNERS Site by: