Skip to content

New CDD Rule: Identify Authorized Signers-Business

With the new expectations of the CDD Rule that goes into effect next month, are we required to identify authorized signers on business and organization accounts?

by Jim Bedsole:

Only to the extent that any of those authorized signers meet either the ownership or control prongs of the beneficial ownership rule. Otherwise, identification of authorized signers should continue to follow whatever your BSA policy specifies for such individuals.


by Ken Golliher:

I have seen a software vendor touting the idea that banks should treat authorized signers as they would beneficial owners. I assume that's just a ruse to help them peddle their product.

As noted, the new regulation makes no such suggestion.

First published on 04/22/2018

Filed under: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics