Our valued sponsor

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

Brianthedog

New member
Nov 1, 2019
28
5
3
38
Visit site
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?
 
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).

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.



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

See answer to question 14 from above document. It's basically at the discretion of the bank whether they do periodic checks.
 
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.
Isn't this about beneficial ownership though? If he transfers the LLC to an IBC he would still be the beneficial owner.
 
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.
 

Latest Threads