Thread Starter: MagicCity
Title: Re: Business Accounts Beneficial Owners
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I believe comments are still being taken on the topic and the ABA is fighting the requirement as it places a large burden on banks, especially since many states allow secrecy in company registrations.
Also, I think that if it does become law, they are looking at those owners with 25% interest or greater.
Your BSA program, including OFAC should be risk based so depending on your customer base and location you can choose how indepth you wish to go.
Hope this helps you.
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