The Beneficial Owner requirements apply to legal entity customers who open an account that could be a deposit account, a loan, etc. Lenders especially need to ensure they comply every time a new loan is opened but there are other times where beneficial owner information also needs to be updated.
Kevin explains more in the video.
Video Highlights:
- Beneficial owner information is required any time a legal entity customer opens a new account.
- For existing customers, if there is a change in beneficial ownership, updated information should be collected.
Published
2023/03/28
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).
