Beneficial Ownership Regulations

Frequently Asked Questions

What is the beneficial ownership regulation and why is it important?

Why has Skagit Bank been asked to collect this information?

Is Skagit Bank the only bank that is required to collect beneficial ownership information?

What types of Legal Entities are covered by this regulation?

What constitutes beneficial ownership?

How will the change impact my existing accounts?

What if the people who have been identified as beneficial owners or control persons are not customers of Skagit Bank? Do I still need to provide their personal information to Skagit Bank?

Where will beneficial ownership data be stored?

I also have personal accounts with Skagit Bank. Will they be affected? Will Skagit Bank also collect beneficial ownership information for my personal accounts?

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