How often do banks check to see who the business owner is

[Brianthedog]

I own a delaware LLC. I have a business bank account for that LLC with a US bank.

I'd like to change the ownership of my LLC to an offshore corporation, instead of my personal name - but I'd prefer not to tell the bank (it took ages to get a bank setup, non-us owner, and i don't want the hassle).

So how often do banks check to see who the current owner of a delaware llc is? When we change ownership with the state of delaware i'm assuming they don't automatically tell the bank; at the end of the day, surely they don't know who the bank is that we deal with?

Will they never know? Do they tend to check once a year? How's it work folks?

 

[Sir Gelato]

Depending on tha bank, the regulation of the country, the type of client or risk‌ that you represent as a customer. Also, the information that the bank can get through‍ external resources.

 

[CaptK]

Its in your terms and conditions that you must inform them of any changes. They‌ can hold your funds indefinitely if they find out.

 

[Martin Everson]

Errr.......don't do it. A law came into US on May 11, 2018⁤ regarding certification of beneficial owners of legal entity accounts. If ownership changes in company you⁣ need to inform bank immediately. See answer to question 13 in below document.

https://www.fincen.gov/sites/default/files/2018-04/FinCEN_Guidance_CDD_FAQ_FINAL_508_2.pdf

See answer to question 14 from above document. It's basically︀ at the discretion of the bank whether they do periodic checks.

 

[Brianthedog]

ok perfectly answered, thanks guys. I need to write 10 words to post a reply‌

 

[John Andrews]

Isn't this about beneficial ownership though? If he transfers the LLC to an IBC⁤ he would still be the beneficial owner.

 

[Mark Rucken]

No one said IBC‍ is owned by him?

If the bank was in Europe, I would say do it.⁠ Since it is a US bank, I think it is too risky.

 

[smartcard]

As long as you have a legal business, try your best to operate it fully‌ compliant with the law of the country where you have set up the company.

One option would be: You may talk to the bank before you really make this ownership‍ shift.