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In Response To:
Thread Starter: praBSA
Title: Re: Verification of identity of Beneficial Owners

Our policy is written that we require an up to date ID for listed beneficial owners, no exceptions. They get entered onto our core, risk scored, OFAC checked, and ID info saved to their profile. I have seen larger banks incorporate the ID information onto their BO forms to make life easier. If a customer won't do that, we won't bank them, we take a risk-averse approach. We have never had a problem with a customer refusing.