Banking & Capital Access in the United States

Full guide · Source-checked research100% of statements checked against a source127 checked against an official source2 checked against a secondary sourceChecked 2026-10-19Not yet professionally reviewed

• Foreign entities document their status as beneficial owner for US tax withholding and reporting on Form W-8BEN-E.

  Federal. Typically requested by US banks and other withholding agents at onboarding and before paying US-source income.Internal Revenue Service (IRS) · checked 2026-10-18

• Before opening an account a bank must obtain at least the customer's name, address and an identification number; for a company the address is its principal place of business or other physical location, and for a non-US person the number may be a US taxpayer identification number, a passport number and country of issue, an alien identification card number, or another qualifying government-issued document number.

  Federal customer identification programme rule for banks, 31 CFR 1020.220(a)(2)(i)(A). Banks may ask for more under their own risk-based procedures.Office of the Federal Register (eCFR) · checked 2026-10-19

• Covered financial institutions must identify and verify the beneficial owners of a legal entity customer when it opens an account: each individual who owns 25 percent or more of the equity interests, and a single individual with significant responsibility to control, manage or direct the entity.

  Federal customer due diligence rule, 31 CFR 1010.230(b) and (d). Separate from, and not replaced by, the narrowed FinCEN beneficial ownership information reporting regime. See us-banking-g03 for 2026 relief on repeat account openings.Office of the Federal Register (eCFR) · checked 2026-10-19

• Under FinCEN ruling FIN-2026-R001 of 13 February 2026, covered financial institutions may identify and verify a legal entity customer's beneficial owners only when it first opens an account, when they have information calling earlier data into question, and as needed under their risk-based procedures, instead of at every new account.

  Federal. Optional for each institution. Where an institution relies on earlier information in a risk-based review, the customer must certify that it is up to date and accurate. Other Bank Secrecy Act obligations, including suspicious activity monitoring, continue.Financial Crimes Enforcement Network (FinCEN) · checked 2026-10-19

• Financial institutions must file a currency transaction report for each deposit, withdrawal, exchange of currency or other payment or transfer involving a transaction in currency of more than 10,000 US dollars.

  Federal, 31 CFR 1010.311. Applies to physical currency, not wire transfers. FinCEN geographic targeting orders can set lower thresholds for specified businesses and areas.Office of the Federal Register (eCFR) · checked 2026-10-19

• A US person, including a corporation, partnership or LLC, with a financial interest in or signature authority over foreign financial accounts whose combined value exceeds 10,000 US dollars at any time in the calendar year must file FinCEN Form 114 (FBAR) electronically, due 15 April of the following year with an automatic extension to 15 October.

  Federal. Applies to a US subsidiary that holds accounts abroad, for example with its foreign parent's bank.Internal Revenue Service (IRS) · checked 2026-10-19

• FDIC deposit insurance covers 250,000 US dollars per depositor, per FDIC-insured bank, for each account ownership category, and covers only deposits at FDIC-insured banks.

  Federal. Corporation, partnership and unincorporated association accounts form their own ownership category. Non-deposit investment products are not covered.Federal Deposit Insurance Corporation (FDIC) · checked 2026-10-19

Read the full guide: Banking, payments and repatriation