Acquires? If it is a loan that the bank purchased then the borrower did not open an account and the application of the regulation is not triggered. Whether the original lender was a bank or whether the original lender did or did not obtain the information is of no consequence.
BSA Beneficial Ownership Requirements
Do the beneficial ownership requirements apply to an account that the bank acquires, and does it make a difference if the bank acquires it from another institution that is required to follow beneficial ownership rules or from a broker who may not be required to comply?
First published on 04/08/2018