Section 326 of the USA PATRIOT Act is a statute that is intended to prevent the funding of terrorism and money laundering. This federal law requires financial institutions such as banks and credit unions to verify and record the identity of every person who opens an account. To open a bank account you must be able to verify your name, physical address, mailing address an date of birth.
Here are documents that you can present to a bank to verify:
- Who you are: driver’s license, social security card, passport, birth certificate, marriage certificate, divorce decree, legal name change certificate or state issued id.
- Your Social Security Number (SSN): social security card.
- Your Address: driver’s license, state issued ID, a bank statement, a current phone or utility bill that shows your home address, not a P.O. Box.
- Your Birthday: driver’s license, U.S. passport, birth certificate, or state issued ID
Accounts for an Entity
- Each individual that has beneficial ownership (25% or more) in the entity; and
- One individual that has significant managerial responsibility for the entity.
Bottom line: When you form a new Arizona limited liability company and you are to be named in the Articles of Organization as a member or manager your name in the AOO should be exactly as it reads on your driver’s license, passport, state issued ID or birth certificate. If your name in your Arizona LLC’s Articles of Organization is not identical to your name on one of those documents a bank may refuse to open a bank account for the LLC.
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