Each institution must develop verification procedures for all beneficial owners just as you had to develop CIP verification procedures back in 2003. The final rule states that a copy of a driver's license is one possible verification method, however it is up to each institution to develop its own procedures and have them approved by the Board. All beneficial owners are subject to the institution's verification procedures, whatever they may be.
CDD Rule: Certification of Beneficial Owners Info
In regard to the new CDD rule coming. On the certification of beneficial owners we need to get the name, DOB, address and SS#. Do we also need to get a copy of a drivers license for each beneficial owner?
First published on 05/07/2017