Effective May 11, 2018, new federal regulations modify how nearly all financial institutions verify business customers. You can read the official guidance on these new rules here. To comply with federal law, when you open a business account, CNote must collect the contact information for one controller and up to four beneficial owners of your business.
A controller is a single individual that has significant responsibility to control, manage, or direct the activities of the business (examples include an Executive, Senior Manager, General Partner, or President).
Beneficial owners are defined as each individual who directly or indirectly owns 25% or more of the equity interest in the business. It is possible for a business to have zero beneficial owners (example: a business owned equally by ten individuals, each with a 10% stake, would have no beneficial owners).
Accordingly, each business will have between zero and four beneficial owners and one listed controller.
Finally, if the ownership or control structure of your business changes, you should update that information in your CNote account. Any account changes will require a new verification process to clear before any new transactions can be processed.