AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
US banks must verify the person opening the account and identify every individual owning 25% or more of the LLC, plus one person who controls it (31 CFR 1010.230). Expect to provide the certificate of formation, the IRS EIN notice, the operating agreement and ID for each owner; a non-US owner can use a passport number and country of issue instead of an SSN under the customer identification rule (31 CFR 1020.220).
What the law makes a bank collect
Every US bank works to the same federal floor, then adds its own policy. Two rules matter for a new LLC.
Customer identification (31 CFR 1020.220). For each individual the bank verifies, it must obtain a name, date of birth, residential street address and an identification number. For a US person that is a taxpayer number. For a non-US person it can be a taxpayer number, a passport number and country of issue, an alien identification card number, or the number of another government photo ID showing nationality or residence. The rule also lets a bank open an account for someone who has applied for a taxpayer number, if it confirms the application and gets the number within a reasonable period.
Beneficial ownership (31 CFR 1010.230). When the customer is a legal entity such as an LLC, the bank must identify and verify each individual who directly or indirectly owns 25% or more of the equity, and one individual with significant responsibility to control or manage it, such as a managing member or chief executive. The person opening the account usually certifies this information on a form, and the bank verifies each owner using its identification procedures.
Neither rule says a non-US owner cannot have a US business account. They say who must be identified and how.
Documents banks usually ask for
- The certificate of formation or articles of organisation stamped by the state, and often a recent certificate of good standing.
- The IRS letter confirming the EIN.
- The operating agreement, showing members, percentages and who may sign. Single-member LLCs should still have one.
- Photo ID for each 25% owner and each signer: a US driving licence or state ID, a green card, or a passport with visa or I-94.
- Proof of the business address and, for many banks, of each owner's residential address.
- A short description of the business, expected monthly deposits and withdrawals, and whether you will send or receive international wires.
Bank lists differ, so read the chosen bank's own business checklist before the appointment. Some accept online applications only where every owner has an SSN or a US address; others will open for non-resident owners but ask them to visit a branch.
Why immigrant and non-resident owners get more questions
Banks score risk. An owner abroad, a newly formed LLC with no history, and expected payments to and from Nigeria each add questions under the bank's own anti-money-laundering policy. That does not mean refusal; it means the bank wants to understand the money. Make that easy:
- Explain the business model in two sentences: who pays you, for what, and how.
- Give realistic volumes. Understating, then receiving large wires in month one, is a common reason accounts are reviewed or closed.
- Say plainly that you will pay Nigerian suppliers or staff, if you will, and how often.
- Bring contracts or invoices from early clients if you have them.
- Make sure the names, addresses and percentages on the operating agreement match the state record and your EIN application.
A worked example
Example only: Chidi, a green card holder in Maryland, and his brother in Lagos each own 50% of a Maryland LLC that imports textiles. Both are 25% owners, so the bank identifies both. Chidi provides his Maryland licence and SSN; his brother provides his Nigerian passport number and country of issue and a residential address in Lagos. Chidi signs the ownership certification as managing member. The bank asks for the EIN letter, the operating agreement and expected wire activity to Nigeria. Because the brother cannot attend the branch, the bank asks for additional verification; the account opens once that is complete.
After the account opens
Opening is the first test; keeping the account is the second. Banks monitor activity against what you told them at opening. If your business changes, for example you start paying a Lagos supplier every week, tell the bank before the wires start. Respond quickly to any request for information about a payment; a slow reply is a common reason accounts are restricted. Keep invoices for incoming and outgoing international payments so you can answer such questions in minutes, not days.
Before you apply
- Get the EIN first; without an SSN that means fax, mail or the IRS international line (see EIN without an SSN).
- Prepare an operating agreement even for one member; see operating agreements for family LLCs.
- If every owner is outside the US, compare options in online business accounts for foreign-owned LLCs.
- Keep business and personal money apart from day one; mixing them weakens the liability protection the LLC gives you.
Where Pryme fits
A US account receives dollars in the US; a Nigerian company or supplier still needs naira. A Pryme Business Account, which can be opened from any country, holds NGN, USD, GBP and EUR with local details for each, and Swap converts only when you choose, showing the rate and fee before you approve. Outside Nigeria, these services are provided through regulated partners. See business Swap.
Questions people ask
Can a non-US citizen open a business bank account for an LLC?
Yes. Federal rules let a bank verify a non-US person with a passport number and country of issue instead of an SSN. Whether a particular bank will do it, and whether it needs you in a branch, is that bank's policy.
What documents do I need to open an LLC bank account?
Usually the state formation certificate, the IRS EIN letter, an operating agreement, photo ID for each 25% owner and signer, and proof of address. Check the bank's own checklist.
Who counts as a beneficial owner for a bank?
Each individual owning 25% or more of the LLC, directly or indirectly, plus one person who controls or manages it, under 31 CFR 1010.230.
Why was my LLC bank application declined?
Banks do not always say. Common causes are mismatched names or addresses between documents, unclear business activity, or expected international activity the bank was not told about.
Sources
- eCFR: 31 CFR 1020.220, Customer identification programs for banks (current to 22 Oct 2026) · accessed Oct 2026
- eCFR: 31 CFR 1010.230, Beneficial ownership requirements for legal entity customers (current to 22 Oct 2026) · accessed Oct 2026
- IRS: Instructions for Form SS-4 (Rev. December 2025; page reviewed 30 Apr 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.