Beneficial Ownership Requirements for Business Accounts 

Thank you for considering us to meet your banking needs. The information below will help you understand the documentation you'll need to bring to the branch with you to open your business account.

When you open an account or make certain other changes to your account, all non-exempt business customers must provide us with certain identifying information due to a regulatory requirement established by the Financial Crimes Enforcement Network (FinCEN) in 2018. We’ve organized the information below to help you understand exactly what documents you’ll need to share with us. This information must be included on our Beneficial Owner Form, and all of your business owners, partners, and/or key executives must be present at account opening.

By law, non-exempt business customers should provide information for all beneficial owners associated with your account when certain events occur, including:

  • Opening a new account
  • Changing ownership
  • Changing account signer
  • Modifying or extending a loan
  • Requesting a credit line increase

What is a beneficial owner?

The definition of beneficial owner, by law, includes the following two types of individuals associated with a legal entity:

  • Equity owner – Each individual who owns 25% or more of the equity interests of a legal entity.
  • Control person – A single individual who exercises significant responsibility to control, manage, or direct the legal entity, such as an executive officer or senior manager.

What documentation should I bring?

All beneficial owners for all types of businesses and legal entities should bring the following when opening an account:

  • Two forms of personal identification (one must be issued by a government agency, like a driver’s licenses or passport).
  • A Taxpayer Identification Number for both the business and individuals. For businesses, this would be your Employer Identification Number. For individuals, this would be your Social Security Number.
  • The address and date of birth for all individuals.

Please bring an original or certified copy of each document. You can request this from the issuing agencies.

In addition, based on your type of business or legal entity (partnership, LLC, etc.), some additional documentation may be required. Please scroll down to see the itemized list below. 

If your business name doesn’t use the legal first and last name of the owner, please bring one of the following:

  • Fictitious Name Certificate or Statement
  • Certificate of Assumed Name
  • Business License
  • Registration of Trade Name

What additional documentation do I need based on my business type? 

Please bring the original or a certified copy of the following documents, based on your type of business or legal entity below:

General Partnership
If you don’t have one of the following and you haven’t filed with a government agency, please bring a written statement signed by all partners indicating no written Partnership Agreement exists.
  • Partnership Agreement
  • Fictitious Name Certificate or Statement
  • Certificate of Assumed Name
  • Business License
Limited Partnership
Please bring both of the following documents:
  • Certificate of Limited Partnership
  • Limited Partnership document
Limited Liability Partnership
Please bring all three of the following documents:
  • Statement of Qualification
  • Limited Partnership document
  • Limited Liability Partnership Election
Limited Liability Corporation
Please bring all three of the following documents:
  • Articles of Organization
  • Certificate of Organization
  • Certificate of Formation
Corporation
Please bring both of the following documents:
  • Articles of Incorporation
  • Certificate of Good Standing
Associations, Civic Groups, and Community Organizations
Please bring one of the following documents:
  • Business License
  • Fictitious Name Certificate or Statement
  • Certificate of Assumed Name
  • Organization/Association Articles of Bylaws
  • Certificate of Good Standing, Certificate of Formation, or Certificate of Organization
  • Statement of Organization
  • Certificate of Registration

If you don’t have one of the above and you haven’t filed with a government agency, please bring another document, such as board meeting minutes. If you don’t have documents issued by a government agency, all authorized signers must be present.

Document names may vary in different states.

Are there any exemptions?

Yes, some entities are exempt from this rule. Business customers that are exempt from this regulatory change to identification requirements include, but are not limited to, sole proprietorships, trusts (non-statutory), estates, and special entities such as unincorporated associations or trade names that may not be required to be registered with the state.

Where can I find additional information?

FinCEN has published frequently asked questions on its website.

And, of course, we’re always here to help. If you have any questions or need more information, please talk to your banker or give us a call at 1-888-SYNOVUS (1-888-796-6887). Thank you.