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BSA Beneficial Ownership Requirements

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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?

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.

First published on 04/08/2018

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