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Beneficial Ownership Requirements for Legal Entity Accounts

Wednesday, May 9, 2018Written by: Mitsy S. Huffstetler, CRCM

Overview

In May, 2016, the Federal government passed a new banking regulation regarding the beneficial ownership of legal entity customers.  This new rule requires financial institutions to identify the ultimate beneficial owner(s) and a controlling person of a legal entity customer on all new accounts.  

When Does this Rule Go into Effect?

Financial [...]

Read Full PostTags: Compliance