The regulation passed by the U.S. government, effective May 11, 2018 impacts all legal entities opening or maintaining accounts at any financial institution.
Legal entities will need to identify and attest to all ultimate beneficial owner(s) that meet specific requirements as well as a controlling person (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President or Treasurer).
Northwest Federal will collect information regarding the ultimate beneficial owner(s) and any person with controlling interest of legal entities whether or not they have a direct relationship with the credit union.