Beneficial Owners for Lenders

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