Good Morning,

Is the Bank required to collect beneficial ownership information on a sole proprietorship where the sole proprietorship has its own tax ID number? I know sole proprietorships are exempt but our system is prompting beneficial ownership information in these cases.

A sole proprietorship never uses their EIN for banking purposes. That is used for tax purposes only. You need to start there.

But even if you have used the EIN, there is no beneficial ownership requirement applicable to a sole proprietor. Taking that statement together with Randy Carey's you should conclude that you need to get the SP's SSN on your system for the SP account.