The Beneficial Ownership Rule and Your Elevations Business Account

To help the government fight financial crime, federal regulations under the Beneficial Ownership Rule require financial institutions to obtain, verify and record information about beneficial owners of legal entity member applicants as of May 11, 2018. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud and other financial crimes. Requiring the disclosure of key individuals who ultimately own or control a legal entity (i.e., the beneficial owners) aids law enforcement in preventing and managing these crimes.

What is a “beneficial owner?”

A beneficial owner is generally defined as someone who either owns 25 percent or more of a covered legal entity business and/or is in an elevated “Controlling” position within the company (such as a CEO, CFO, COO, Managing Member, Senior Manager or other person who regularly performs similar functions).

What are “covered legal entities?”

The following business structures are covered legal entities under the rule:

  • Corporations (for profit and non-profit), limited liability companies (LLCs), partnerships (LPs, LLPs, LLLPs, etc.) and incorporated joint ventures
  • Legal Entities do not include sole proprietorships, unincorporated associations and organizations

How would this affect my Elevations Business Account?

At the point of your business membership application, individuals representing covered legal entities must provide the following information about beneficial owners:

  • Each individual who owns, directly or indirectly, 25 percent or more of the equity interests of the legal entity; and
  • An individual with significant responsibility (Controller) for managing the legal entity (e.g., a CEO, CFO, COO, Managing Member, General Partner, President, Vice President or Treasurer)
  • The name, date of birth, address, tax identification number and address of the legal entity’s beneficial owners and Controller
  • For a foreign person without a SSN/TIN, a passport number and country of issuance. In lieu of a passport, foreign persons may also provide a U.S government-issued Alien ID or other foreign government-issued documents evidencing nationality or residence and bearing a photograph or similar safeguard 

If you are unable or unwilling to provide this information, we will not be able to open the account.

If you have any questions, please call us at 303.443.4672 x1620 or stop by a branch


Have Questions? Call Us

Our contact center hours are:
Mon to Fri – 7 a.m. to 8 p.m.
Sat – 8 a.m. to 1 p.m.

Toll Free Nationwide: 800.429.7626
Denver Metro: 303.443.4672
Northern CO: 970.667.8585

Our Branch Hours Are:
Mon to Fri - 8:30 a.m. – 5:30 p.m.
Sat - 9:00 a.m. – 12:00 p.m.
(NOTE: Our Boulder UMC Branch is closed on Saturdays)

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