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#2271965 - 06/22/22 05:08 PM Beneficial Ownership Certification Form
Candice Offline
New Poster
Joined: May 2022
Posts: 3
I am currently in the process of getting a BSA/AML Program established for a new bank. I have a question on the Beneficial Ownership Certification form. I have seen these forms with 2 different versions of the signed acknowledgement:

I, ______________ (name of natural person opening account), hereby certify, to the best of my knowledge, that th3e information provided above is complete and correct.

AND

I, ______________ (name of natural person opening account), hereby certify, to the best of my knowledge, that th3e information provided above is complete and correct. I agree to notify the financial institution of any change in such information.

I personally like the second one, with the added statement; however, I don't think that is a required statement. Our Core system uses the first version and I don't think I can get them to change it unless I can tell them it is required by regulation.

I would appreciate any advice. Thank you!

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#2271972 - 06/22/22 06:41 PM Re: Beneficial Ownership Certification Form Candice
compgal21 Offline
Junior Member
Joined: Jan 2021
Posts: 40
Our forms have the exact verbiage as the second statement and have not had any issues.

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#2271980 - 06/22/22 07:31 PM Re: Beneficial Ownership Certification Form Candice
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,684
Cape Cod
Whether or not the second sentence is included in the certification statement, the bank is responsible for recognizing events that might trigger the need for a recertification. I, too, like the second version, but I don't think it gives the bank an "out" if it fails to require a new certification if, for example, one of the beneficial owners of a business sells their interest to someone else, when that new owner is added as an authorized signer and the old owner is dropped as an authorized signer.
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#2272093 - 06/24/22 05:41 PM Re: Beneficial Ownership Certification Form Candice
Candice Offline
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Joined: May 2022
Posts: 3
Thank you!

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