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#2230444 - 02/06/20 10:40 PM Beneficial Ownership and Letters of Credit
TahnaW Offline
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Joined: Jan 2020
Posts: 2
If we have letters of credit to an LLC, is Beneficial Ownership required to be obtained?

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BSA/AML/CIP/OFAC Forum
#2230445 - 02/06/20 10:45 PM Re: Beneficial Ownership and Letters of Credit TahnaW
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,275
Illinois
Yes, it meets the CIP definition of account and an LLC is a legal entity.

Pursuant to the CIP rule, an “account” is a formal banking relationship to provide or engage in services, dealings, or other financial transactions, and includes a deposit account, a transaction or asset account, a credit account, or another extension of credit.
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#2230447 - 02/06/20 10:48 PM Re: Beneficial Ownership and Letters of Credit TahnaW
TahnaW Offline
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Joined: Jan 2020
Posts: 2
That's what I was thinking but was wanting to make sure I was correct. Thanks!

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