New Federal Regulation
Starting May 11, Valley, and other financial institutions, will be required to follow a new federal regulation called the Customer Due Diligence (CDD) Rule. This means we’ll be required to obtain, verify and record information about the beneficial owner(s) of businesses and corporations, also considered legal entity customers.
Who is a beneficial owner?
Beneficial owner(s) include individuals who directly or indirectly own 25% or more of the legal entity’s equity interests, and one person with significant responsibility to manage the entity.
What this means to you
Each time an account is opened on behalf of a legal entity, we will be required to ask for:
• Identifying information about the beneficial owner, including, but not limited to: name, residential address, date of birth, social security or similar number.
• Documents to verify the identity of the entity, the ownership structure of the entity, and the identity of the beneficial owner.
Questions about the CDD Rule?
If so, please speak with your Branch Representative or call Customer Service at 800-522-4100 from 6 AM to 11 PM ET, seven days a week.