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#2252821 - 04/22/21 07:56 PM Beneficial ownership certification
Anonymous
Unregistered

I am confused regarding the completion of a certification of a beneficial ownership document for our Bank. We are attempting to change the signers on a correspondent Bank account. We checked the exempt box and listed that we were a U .S regulated financial Institution and used the President/CEO as the Natural Authorized Person Section of the document. The correspondent Bank is stating that we need to complete the owner ship percentages. We are a independent Bank with numerous shareholders. Am I missing something.

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#2252823 - 04/22/21 08:03 PM Re: Beneficial ownership certification Anonymous
RR Sarah Offline
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RR Sarah
Joined: Mar 2004
Posts: 2,479
Up North
Is the bank owned by a holding company?
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#2252824 - 04/22/21 08:06 PM Re: Beneficial ownership certification Anonymous
Anonymous
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No

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#2252825 - 04/22/21 08:16 PM Re: Beneficial ownership certification Anonymous
RR Sarah Offline
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RR Sarah
Joined: Mar 2004
Posts: 2,479
Up North
I guess it doesn't matter either way..regulated banks and bank holding companies are both exempt from the beneficial ownership rules.
_________________________
Sometimes you have to burn a few bridges to keep the crazies from following you.

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#2252826 - 04/22/21 08:25 PM Re: Beneficial ownership certification Anonymous
Anonymous
Unregistered

Thank you for confirming that I am not losing my mind.

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#2252833 - 04/22/21 11:28 PM Re: Beneficial ownership certification Anonymous
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 3,959
New York City
Certain institutions, as a matter of policy, may still require this information. I know many banks that require listing of all beneficial owners of 10% or more.

FWIW I don't see the value in getting BO information from a regulated bank.
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"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

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#2252846 - 04/23/21 01:15 PM Re: Beneficial ownership certification Anonymous
edAudit Offline
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edAudit
Joined: Jul 2008
Posts: 4,714
You are here
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