Banks and bankers have created this artificial linkage between beneficial ownership and authorized signers out of whole cloth. Sure, in many cases, owners will be signers, but I will bet dollars to Krispy Cremes that every bank has many business accounts with non-owner employees are authorized signers, and you can bet your sweet potato pie (I need to get some breakfast!) that there are a lot of entities with one or more 25% beneficial owners who are not account signers.
Yes, beneficial ownership certifications should be signed and dated in close proximity to account openings (or triggering events), but refusing to open an account until all authorized signers have signed the signature card is a practice that bankers should think about again, perhaps.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8