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Beneficial Ownership Certification Form

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Question: 
Does a bank need to obtain a Beneficial Ownership Certification form when opening account for a non-profit church?
Answer: 

If the church is registered as a legal entity with the applicable Secretary of State, then a beneficial ownership certification is required. The rule has a partial exemption for non-profits and only the control prong is required.
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First published on 06/21/2020

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