Beneficial Ownership - Political Candidate Account

Posted By: AW27

Beneficial Ownership - Political Candidate Account - 08/29/19 03:02 PM

We are opening an account for a local political candidate and I was unsure if we needed to do beneficial ownership since it is considered a non-profit?

Thank you.
Posted By: Sunshine Lady

Re: Beneficial Ownership - Political Candidate Account - 08/29/19 03:25 PM

Nonprofit corporations? In or Out for beneficial ownership?





Answered by:

Deborah Crawford,BOL Learning Connect
.


Question:


Do we have to have a beneficial ownership certification on a nonprofit corporation?




Answer:


Nonprofit corporations are not excluded from beneficial ownership certification. However, the control prong is the only piece that needs certification from the person opening the account.
Posted By: Adam Witmer

Re: Beneficial Ownership - Political Candidate Account - 08/30/19 12:30 PM

Assuming the political campaign account is a non-profit corporation, you would have to comply with the control prong requirements of the beneficial ownership rules - just like you do for any other non-profit corporation.
Posted By: rlcarey

Re: Beneficial Ownership - Political Candidate Account - 08/30/19 01:21 PM

That would be my question. Is a Section 527 organization really a non-profit corporation? I have never really looked into it and how FinCEN defines a non-profit.