Learn more about the new regulation and how it impacts business account holders.
Beneficial Ownership FAQ
Effective May 2018, the U.S. government has amended Customer Due Diligence rules to require all financial institutions to obtain and verify specific information from legal entities. The new regulation makes it mandatory for East West Bank to identify and verify key individuals who own and/or control a legal entity when establishing or maintaining an account. This impacts both new and existing account holders whether or not the person identified is an East West Bank customer. Provided below are a few Frequently Asked Questions (FAQs) to assist our customers with understanding these new requirements.