When the due diligence regulation takes effect in May, yes, it will be a requirement to identify beneficial owners. Obtaining copies of their identification is one method, probably the only practical method, of doing that.
Photo ID's for Beneficial Owners Not Signers?
Is it a requirement to obtain photo ID's for Beneficial Owners who are not actually signers or responsible parties to a checking account or loan account? If not a requirement, is it overkill to obtain them?
First published on 04/08/2018