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#2169966 - 03/23/18 08:00 PM BO Appendix A / Safe Harbor
Susan Offline
Member
Joined: Mar 2018
Posts: 75
Is there a safe harbor issue with Appendix A, as in having a safe harbor if we use Fincen's form but not if we create our own form or use the one provided by our software? I understand that we can add to Appendix A, but not delete any information/fields that are on Fincen's form.

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#2169969 - 03/23/18 08:09 PM Re: BO Appendix A / Safe Harbor Susan
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Appendix A is not like a "model" form incorporated into a consumer protection law. FinCEN did not, in so many words, guarantee that its use would constitute compliance.

Yet, if Appendix A requires six pieces of information and your form includes those six plus one more it would be pretty much impossible for a third party to criticize. The fact that FinCEN produced two examples that show some diversity in their formatting should eliminate any argument that the form has to have a certain appearance or layout.
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#2169970 - 03/23/18 08:09 PM Re: BO Appendix A / Safe Harbor Susan
fmissle Offline
Diamond Poster
Joined: Jul 2007
Posts: 1,016
Pac NW
Quote:
Several commenters urged FinCEN to adopt an express safe harbor in the final
rule deeming those financial institutions that use the Certification Form compliant with
the beneficial ownership requirement. A few commenters recommended that FinCEN
model such an express safe harbor on the safe harbor for foreign bank certifications found
in § 1010.630. Other commenters opposed the notion of a safe harbor, contending that
the Certification Form should serve as the starting point for financial institutions’ riskbased
due diligence into a legal entity’s beneficial ownership. As discussed in greater
detail below, we have included in § 1010.230(b)(2) of the final rule a description of the
extent to which financial institutions can rely upon the beneficial ownership information
provided by the person opening the account. We decline, however, to include in the final
rule a blanket safe harbor triggered by the use and collection of the standard Certification
Form..

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