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Who signs for beneficial ownership?

Answered by: 

Question: 
Is the person who opens the account for beneficial ownership the person who comes into the financial institution?
Answer: 

Not necessarily. Usually the person who opens the account is the person who signs the certification. This was a discussion in the Federal Register. It needs to be the person who can say all the information on the form was correct.

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Learn more about Deborah Crawford’s webinar New Guidance on Customer Due Diligence Requirements

First published on 09/20/2020

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