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#2047980 - 11/04/15 04:58 PM Account Opening - Beneficial Ownership Attestation
ComplianceCanuck Offline
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Joined: Jun 2014
Posts: 2
Hello, I'm not sure if this belongs under Operations or BSA so forgive me if this is not the most appropriate forum -

In Canada, we have a record keeping obligation to collect and confirm beneficial ownership information when opening an account for a legal entity. Unfortunately, there is currently no public source to gather the required information.

Currently, we ask those opening business accounts to provide a range of documentation but we would like to add an attestation document to our account opening tool box.

I’ve searched the internet extensively looking for opinions and examples of how to develop such a form. I’ve found many sample attestations from the securities sector; however, I have not been able to locate anything specifically for account opening. I’m wondering if someone here would care to share opinions on using the attestation method for confirming beneficial ownership or might have documents they’d be willing to share as of an example of what such a form may look like and the information to include.

Thanks for any advice or opinions your willing to share

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#2047989 - 11/04/15 05:12 PM Re: Account Opening - Beneficial Ownership Attestation ComplianceCanuck
Ted Dreyer Offline
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Joined: Apr 2001
Posts: 2,245
In the US, FinCEN has a proposal out for Customer Due Diligence requirements with regard to beneficial ownership. You can find it at: https://www.fincen.gov/statutes_regs/files/CDD-NPRM-Final.pdf

Appendix A includes a document that you might be interested to see, but remember this is just a proposal, not a finalized rule or form.

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#2048076 - 11/04/15 07:51 PM Re: Account Opening - Beneficial Ownership Attestation ComplianceCanuck
ComplianceCanuck Offline
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Posts: 2
Thanks, this is helpful info smile

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#2048425 - 11/06/15 03:42 PM Re: Account Opening - Beneficial Ownership Attestation ComplianceCanuck
David Campbell Offline
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Post has been edited to remove advertisement.
Last edited by John Burnett; 11/06/15 05:35 PM. Reason: Unauthorized vendor ad
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#2048661 - 11/09/15 10:48 AM Re: Account Opening - Beneficial Ownership Attestation ComplianceCanuck
Elwood P. Dowd Offline
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Joined: Aug 2001
Posts: 21,939
Next to Harvey
We're in the same boat; there is no public source for identifying the beneficial owners of an entity or verifying beneficial ownership as self reported by individuals connected to those entities. If we collect beneficial ownership information we are just writing down what people tell us, nothing more.

Ignorant of corporate structure in Canada, I'll say that in the U.S. an attestation would probably be the most effective if it were executed by an officer of the entity who was named in the entity's most recently required filing with the state of its incorporation. It would also be executed under penalties of perjury; i.e. lying would be a crime. Neither requirement could be said to be of any immediate value to the bank, but both would be helpful to law enforcement should the little darlings choose to lie.

The model form contained in the proposal linked above contains neither of these features, but it has been roundly criticized for those and other shortcomings.
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#2048665 - 11/09/15 01:15 PM Re: Account Opening - Beneficial Ownership Attestation Elwood P. Dowd
Cape Codder Offline
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Originally Posted By Ken_Pegasus
Neither requirement could be said to be of any immediate value to the bank, but both would be helpful to law enforcement should the little darlings choose to lie.


Thanks for the chuckle, Ken. Really needed it this morning.
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