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#2193019 - 09/19/18 12:01 AM Fiduciary Accounts - BO
Mel in WA Offline
Diamond Poster
Joined: Mar 2013
Posts: 1,266
For a fiduciary account (such as a rep payee, guardianship), where an entity is the guardian, should we obtain BO information if it's a corporation/LLC and just a control person for a non-profit?

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#2193153 - 09/19/18 08:41 PM Re: Fiduciary Accounts - BO Mel in WA
Mel in WA Offline
Diamond Poster
Joined: Mar 2013
Posts: 1,266
Bump

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#2193164 - 09/19/18 10:12 PM Re: Fiduciary Accounts - BO Mel in WA
ColoradoAML Offline
Gold Star
Joined: Mar 2018
Posts: 343
I don't know if there is specific guidance on this, so if there is disregard my answer, but my understanding of this situation is that you should request information for the entity which is requesting the account; they're your customer. This would, I assume, be consistent with how you treat CIP in these cases.

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#2193213 - 09/20/18 03:59 PM Re: Fiduciary Accounts - BO Mel in WA
ComplianceNewbie Offline
New Poster
Joined: Apr 2017
Posts: 19
The individual opening an account on behalf of someone who lacks legal capacity is the customer for CIP. If your customer is a legal entity, then beneficial ownership rules would apply.

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#2193520 - 09/24/18 02:07 PM Re: Fiduciary Accounts - BO Mel in WA
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Ask yourself two questions --

Question 1 - Who is your customer for purposes of CIP?

Question 2 - Is that customer a legal entity (corporation, LLC, PC, Partnership, etc.)?
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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