The confusing thing about a single member LLC is that for tax reasons, it can be treated like a sole proprietorship. However, don't confuse tax rules with CIP/BSA rules. While a single member LLC is taxed differently than other corporations, it is still a separate legal entity. Therefore, you need to verify a single member LLC just like you would for any other entity. Depending on your CIP policy, this often includes getting articles of incorporation/existence from your Secretary of State and any other documents your CIP requires. As John said, single member LLCs absolutely need the beneficial ownership designation as an LLC is an entity. Again, my point is that IRS rules (and how single member LLCs are taxed) are a completely separate issue from CIP/BSA rules, as CIP (generally) treats a single member LLC just like any other entity.
Adam Witmer, CRCM
All statements are my opinion, not those of my employer, and should not be taken as legal advice.www.compliancecohort.com