When running a business, it`s important to have a trusted financial partner – a team of experts who listen to you and help you make informed decisions. Whether you`re looking for expertise in financing future growth, processing payments, maximizing cash flow, or any other financial need, Old National is here to help. The new regulation means that banks, credit unions and other financial institutions must collect and verify information about who runs a business before a new account can be opened – any new account, even if it`s a new account for a current customer. Essentially, Old National needs to know who runs or benefits from a business before it can offer a loan, checking account, or other financial services. And that goes for all government-regulated banks or credit unions, mutual funds, brokers or securities or futures dealers. We must all respect this new rule, which came into effect on May 11, 2018. About Publication 1212, Guide to Original Issue Remittance Instruments (OIDs) When it comes to combating financial crimes such as terrorist financing, money laundering and fraud, transparency is often the best weapon. That`s why the U.S. Treasury`s Financial Crimes Enforcement Network (FinCEN) has introduced new regulation, commonly referred to as the beneficial ownership rule. This is part of the Customer Due Diligence (CDD) requirements that help financial organizations assess the risk of their business customers. If you don`t run or own a business, this new rule shouldn`t affect you.
In fact, it does not affect personal accounts. When you open a business account, you must file the following documents: Form W-8 BEN-E is used by foreign companies to document their status for the purposes of Chapters 3 and 4 and other provisions of the Code. Form W-8 BEN-E Instructions (PDF Print) About the instructions for the applicant for Forms W–8 BEN, W–8 BEN–E, W–8 ECI, W–8 EXP and W–8 IMY.
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