Effective May 11, 2018, the Beneficial Ownership Rule will take effect. This regulation is the most significant change to Bank Secrecy Act since the USA Patriot Act. When an account is opened or modified for a legal entity (LLC, Corporation, LP, etc.), financial institutions will be required to obtain a certification from the individual opening the account on behalf of the legal entity, identifying the beneficial owner(s) of the entity. This rule will apply to all accounts, including checking, savings, certificates, and loans.
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