Understanding beneficial ownership certification
At HawaiiUSA, protecting your, and your business', financial interests is one of our top priorities. Included in that committment is our continuing efforts to providing safer business practices and ensuring complete adhernece to all known regulations to protect our Credit Union, our members, our members' accounts, and assisting the US Government.

Beginning May 11, 2018, the Bank Secrecy Act requires financial institutions to further enhance their efforts for making it harder for criminals to evade financial requirements that address terrorism and other national security threats. As part of these enhanced efforts, all financial institutions must collect certain information about the “beneficial owner(s)” of an organization.

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Frequently Asked Questions

The “Beneficial Owner” refers to any individual who directly, or indirectly, owns or controls 25% or more of the legal entity in question.
A: In 2021, Congress passed the Corporate Transparency Act. This law enacted by the U.S. Government created new, required reporting on beneficial ownership information to make it harder for criminals to hide or benefit from their illegal funds through made-up or fake companies.
A: Effective May 11, 2018, the Bank Secrecy Act regulation issued by the Financial Crime Enforcement Network (FinCEN) requires all legal entities to certify beneficial owner(s) and a control person by completing a Certification of Beneficial Owner(s) and/or Control Person form with every new account opened, Share Certificate renewal(s), or as requested by the financial institutions.
A: Ideally, the person who opened the account. Authorized Signers or Beneficial Owners may also help fill out this form.
A: Completion of the Certification of Beneficial Owner(s) form should be completed as soon as possible. Failure to immediately comply may result in HawaiiUSA sending reminder letters, calls, or emails for the government requirement to be satisfied.
A: According to the Corporate Transparency Act, a person who willfully violates the reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continue; and may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000.
A: Yes. This type of account is not exempt. Please note on the form, “no individual owns 25% or more of the corporation.” The person having access to the account can sign the form in the control prong filed.
A: Yes. HawaiiUSA Branch personnel can print out a blank form for you. You may also reach out to HawaiiUSA’s Member Solution Center (MSC) and an agent can mail you a blank form to the address on file. You may also print out the form from our website—download the form by clicking here. For privacy reasons, forms from the branches or MSC will not be pre-populated.