We are primarily a consumer focused institution; however, we open a handful of business accounts each month.

Due to a system enhancement, we discovered that the "controlling party" section was not populating on the beneficial ownership form that our customer actually signed. (Our personal bankers would obtain the information and enter it into the system for the customer).

As we have the information, but not on the signed copy of the form, are we required to get the customer to sign a copy of the form with the "controlling party" information populated? or

Are other methods of documentation acceptable here? A file / system note documenting what happened?

Thank you.

FinCEN Beneficial ownership FAQs #8

Question 8: Location of Certification Form or Appendix A to the final rule

Are covered financial institutions required to use the beneficial ownership Certification Form (Appendix A to the Rule) and if so, how can they obtain a copy of the Form?

There is no requirement that covered financial institutions use the Certification Form. Rather, the form is optional and provided for the convenience of covered financial institutions as one possible method to obtain the required beneficial ownership information. Financial institutions may choose to comply with the requirements of the Rule by using another method, such as through the institutions’ own forms, or any other means that comply with the substantive requirements of this obligation. Covered financial institutions should retain the form and not file it with FinCEN.

What is important here is that you have all the required information. Since it is not on the signed form, how did the personal bankers document that the person opening the account also certified to the best of their knowlede that they provided the correct control prong information? That would be the missing component with the info entered into the system.

Your CDD procedures should speak to what your processes are.

Thank you for the confirmation of what I suspected.

JB