Fifth Third Bank

The Beneficial Ownership Rule

The Beneficial Ownership Rule

Beneficial Ownership is a new rule from the Financial Crimes Enforcement Network (FinCEN), under the Bank Secrecy Act, which requires all covered financial institutions to collect and verify from certain non-exempt legal entities specific information about the beneficial owners of the entity at the time a new account is opened.  The intent of the Beneficial Ownership Rule is to assist authorities in counteracting money laundering, tax evasion, and other financial crimes. 

FinCEN requires all financial institutions to begin collecting the required information for new accounts opened no later than May 11, 2018.

Definitions

Beneficial Owner
Control Person
Natural Authorized Person (NAP)
Legal entity
A legal entity does not include

The Beneficial Owner Form

When opening an account at Fifth Third Bank, the Beneficial Ownership Form must be completed by the NAP.  The form requires, among other information,  the name, business address or primary residence address, date of birth, Social Security Number (as applicable), the name of the issuing state or country, and number of the passport or driver’s license for the Beneficial Owners and Control Person as applicable.

Beneficial Ownership information is required…

  • With each account opening, or
  • If there were changes in beneficial ownership since last certifying for your organization, or
  • As may be requested by Fifth Third.
  • Note:  After a signed form is provided to Fifth Third for the first time, with each subsequent account opening Fifth Third will provide a Re-Certification of Beneficial Owner(s) Form with select fields pre-populated to be confirmed.  The remainder of the form will then need to be completed and signed by a Natural Authorized Person.

Using the form

  • You can review the form at any time to become familiar with it. 
  • To complete the Beneficial Ownership Form, please save it to your computer.  It can be completed as a PDF form but must then be printed as a hard copy; the Natural Authorized Person must sign in ink (“wet” signature).  The completed and signed form may be scanned and returned to the bank as directed by a Fifth Third representative or a paper copy may be brought to all new account openings.
  • Fifth Third Bank will verify the information provided.

Which entities are excluded and exempt?

Exclusions
Exemptions

For More Information

For more information on this regulatory requirement and how it impacts you, please contact your Fifth Third banker or relationship manager, or refer to the Federal Register website or FinCEN’s FAQs Regarding Customer Due Diligence Requirements for Financial Institutions .