Minimum Identification Requirements – Commercial Accounts
- Articles of Incorporation
- Board resolution authorizing the opening of the new account.
- Letter of reference from prior bank (unless the company is newly formed).
- Credit history for the company (unless the company is newly formed).
- Most recent balance sheet and income statement (unless the company is newly formed; can be waived if customer has an existing relationship with the bank).
- Last three bank statements (unless the company is newly formed; can be waived if customer has an existing relationship with the bank).
- Identification of beneficial owners that hold over 10% of shares
Minimum Identification Requirements – Consumer, business or corporation
According to the CIP Rule, a minimum of four data items are required for all new accounts. These are:
- Date of birth (for an individual)
- Address (physical home or business address, no P.O. boxes)
- Tax identification number
- For individuals: Social Security number (SSN). For non-U.S. citizens, one of the following is acceptable:
- Passport number and country of issuance
- Alien identification card number.
- Number and country of issuance of any other government-issued document bearing a photograph.
- For businesses: Employer identification number (EIN) or tax identifier for the business (TIN).