Important Information You Need to Know About Opening a New Account
Customer Identification Program Notice
To help the government fight the funding of terrorism and money laundering activities, federal law requires financial institutions to obtain, verify, and record information that identifies each person who opens an account.
This Notice answers some questions about your firm’s Customer Identification Program.
What types of information will I need to provide? When you open
an account, your firm is required to collect information such as
the following from you:
- Your name
- Date of birth
- Identification number:
- U.S. Citizen: taxpayer identification number (social security number or employer identification number)
- Non-U.S. Citizen: taxpayer identification number, passport number, and country of issuance, alien identification card number, or government-issued identification showing nationality, residence, and a photograph of you.
You may also need to show your driver’s license or other identifying documents.
- A corporation, partnership, trust or other legal entity may need to provide other information, such as its principal place of business, local office, employer identification number, certified articles
of incorporation, government-issued business license, a partnership agreement, or a trust agreement.
- U.S. Department of the Treasury, Securities and Exchange Commission, NASD, and New York Stock Exchange rules already require you to provide most of this information. These rules also may require you to provide additional information, such as your net worth, annual income, occupation, employment information, investment experience and objectives.
When you open a new account on behalf of a legal entity, we are required to obtain information about the legal entity’s beneficial owner(s), including their name, address, date of birth and social security number (or passport number or other similar information, in the case of Non-U.S. persons). We may also require a copy of a driver’s license or other identifying document for each beneficial owner listed on this form.
Beneficial owners are:
(1) Each individual, if any, who owns, directly or indirectly, 25 percent or more of the equity interests of the legal entity customer (e.g., each natural person that owns 25 percent or more of the shares of a corporation; and
(2) An individual with significant responsibility for managing the legal entity customer (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer).
The number of individuals that satisfy this definition of “beneficial owner” may vary. Under section (1), depending on the factual circumstances, up to four individuals (but as few as zero) may need to be identified. Regardless of the number of individuals identified under section (1), you must provide the identifying information of one individual under section (2). It is possible that in some circumstances the same individual might be identified under both sections (e.g., the President of Acme, Inc. who also holds a 30% equity interest).
According to the regulation, legal entity is defined as a corporation, limited liability company, or other entity that is created by a filing of a public document with a Secretary of State or similar office, a general partnership, and any similar business entity formed in the United States or a foreign country.
Cash Sweep Program Disclosure Statement
Frequently Requested FMSbonds Forms
Frequently Requested First Clearing, LLC Forms
You may mail completed forms to:
P.O. Box 3024
Boca Raton, FL 33431
If you have any questions please contact your Bond Specialist.
You may submit payment by check or wire transfer. The instructions for these forms of payments are as follows:
City National Bank (305-577-7333)
25 W. Flagler St. Miami, FL 33130
FAO: FMSbonds, Inc.
FINAL CREDIT TO: Your FMS account title
ACCT#: Your FMS account number
P.O. Box 3024
Boca Raton, FL 33431
Payable to: FMSbonds, Inc.
***If your bank account title differs from your FMSbonds account title, please make your check payable to the title of your FMS account.