Beneficial Ownership is a new rule from the Financial Crimes Enforcement Network (FinCEN), under the Bank Secrecy Act. When you open a new business account, including certificates of deposits, or apply for a new loan after May 11, 2018, you will be required to provide information about your beneficial owners. The intent of the Beneficial Ownership Rule is to assist authorities in counteracting money laundering, tax evasion, and other financial crimes. On the off chance that you don’t work or possess a part of an organization, this new standard will not influence you. Furthermore, it will not affect any of your personal accounts. Please click here to read more details about the new requirement.