As of May 2018, it is mandatory for all financial institutions to comply with a new regulation regarding the disclosure of beneficial ownership of legal entities. This will not impact our consumer customers.
This means that any time an account is opened or maintained for a legal entity, we will request this information. The required identifying information includes the individual’s name, address, date of birth, Social Security number, and a government issued ID or other information that will help identify those individuals. This information will need to be collected whether or not the person identified is an Itasca Bank & Trust Co. customer.
This information will also be collected for existing legal entity customers who establish new accounts once this new regulation is implemented at Itasca Bank & Trust Co.
We understand the information requested is personal and sensitive; however, we need to obtain this information in order to comply with the law. We will treat all information collected with the utmost care. All information will be stored securely and handled with the same standard of privacy that we have always maintained according to our Information Security Program.
We appreciate your business and are committed to working together to shape your future.
For questions on beneficial ownership, please contact your Loan Officer or a Relationship Banker at (630)773-0350.