I am confused. What does being shareholder of the bank and beneficial ownership requirements have to do with each other?
(a) Account. For purposes of §1020.220:
(1) Account means a formal banking relationship established to provide or engage in services, dealings, or other financial transactions including a deposit account, a transaction or asset account, a credit account, or other extension of credit. Account also includes a relationship established to provide a safety deposit box or other safekeeping services, or cash management, custodian, and trust services.
_________________________
The opinions expressed here should not be construed to be those of my employer:
PPDocs.com