Is a Cemetery Trust exempt from Bene Owner Rule?

A Cemetery Trust is not a defined term and may vary from State to State. You are going to have to be more specific. Are you talking about a perpetual care trust for an entire cemetery or a pre-need funeral plan for an individual? Is the Trust required to and registered with the State?

The type of account is not relevant. The question that needs to be asked is, "Did a legal entity, who is your customer, open a new account?"

If a trust that is not registered with the state is your customer, then beneficial ownership does not apply.
If a legal entity opens an account on behalf of its clients for prepaid funerals, prepaid cemetery plots, etc. then the legal entity is your customer and you must collect beneficial ownership information on the legal entity.

A beneficial owner does not always "own" the money in the account. Read the section in the preamble on "intermediary accounts." It discusses lawyers trust funds and the fact that we do not identify the lawyer's clients' as owners even though the money in the trust fund belongs to them, we identify the beneficial owners of the legal entity law firm that opened the account.