Why do I need to provide information about owners with 25% or more ownership?

Compliance Overview: Beneficial Ownership Requirements Under the Bank Secrecy Act

The Bank Secrecy Act from Financial Crimes Enforcement Network (FinCEN) mandates all covered financial institutions collect and verify from certain non-exempt legal entities specific information about the beneficial owners of the entity at the time a new account is opened. See here for more details: https://www.53.com/content/fifth-third/en/business-banking/managing-business/beneficial-ownership.html