IOLTA's and Beneficial Ownership

Posted By: JoeBSA

IOLTA's and Beneficial Ownership - 04/24/18 10:10 PM

Okay, so I know there are a few threads out there covering IOLTA's and Beneficial Ownership. Having said that, we have a non-profit customer that consists of many different law groups and it is confusing me with respect to collecting BO information. Here is the example:
1. Law Foundation is a non-profit with the board made up of attorneys from different law firms throughout the state
2. Law Foundation sends paperwork with Law Firm Customer A and they open account under the Law Foundation account as a subaccount. Firm Customer is not the primary.

Do we collect BO information on the Foundation and the Firm? I understand the FinCEN guidance on if the attorney opens up the account under themselves, but this is ran through an intermediary. Help appreciated!!!
Posted By: Evergreen_BSA

Re: IOLTA's and Beneficial Ownership - 08/22/18 10:40 PM

We are looking at the Foundation and not the individual accounts. There's a lack of guidance regarding this topic so we decided to treat the foundation as the agent and IOLTAs subaccounts for purposes of beneficial ownership identification.
Posted By: rlcarey

Re: IOLTA's and Beneficial Ownership - 08/22/18 10:43 PM

Interesting scenario for IOLTA accounts. Just curious - what State is this?