Financial institutions are …are required to establish and maintain written procedures that are reasonably designed to identify and verify beneficial owners of legal entity customers and to include such procedures in their anti-money laundering compliance program… and must make and maintain …a record of all information obtained under the procedures…. A legal entity customer is …a corporation, limited liability company, or other entity that is created by the filing of a public document with a Secretary of State or similar office, a general partnership, and any similar entity formed under the laws of a foreign jurisdiction that opens an account.
So, who are the beneficial owners of a legal entity customer?
Kevin explains more in the video.
Published 2026/06/10