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31 CFR 1010.230 CERTIFICATION REGARDING BENEFICIAL OWNERS OF LEGAL ENTITY CUSTOMERS Who has to complete this form? This form must be completed by any person opening a new account on behalf of a legal

How to fill out 31 cfr1010230 - beneficial

How to fill out 31 cfr1010230 - beneficial

1. To fill out 31 CFR 1010.230 - beneficial ownership form, follow these steps:
2. Start by providing the legal name of the company or legal entity that is subject to the form.
3. Next, enter the address of the company or legal entity, including the city, state, and ZIP code.
4. Provide the employer identification number (EIN) of the company or legal entity.
5. Indicate the type of business or organization by selecting the appropriate option.
6. Specify the nature of the company's or legal entity's activities.
7. Provide the full legal names, addresses, dates of birth, and social security numbers or passport numbers of the individuals with significant control or ownership over the company or legal entity.
8. Indicate the percentage of ownership or control each individual has.
9. If an individual owns or controls 25% or more of the company or legal entity, provide their legal name, address, date of birth, and social security number or passport number.
10. Sign and date the form to certify the provided information is accurate and complete.

Who needs 31 cfr1010230 - beneficial?

1. 31 CFR 1010.230 - beneficial ownership form is required by any legal entity that qualifies as a covered entity under the Bank Secrecy Act (BSA).
2. These covered entities include banks, broker-dealers in securities, mutual funds, futures commission merchants, and introducing brokers in commodities.
3. Additionally, any legal entity that is formed under the laws of a state, territory, or Indian tribe in the United States and engages in financial activities is also required to fill out this form.
4. The purpose of this form is to gather information about individuals with significant control or ownership over these legal entities, in order to prevent money laundering, terrorist financing, and other financial crimes.

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What is 31 cfr1010230 - beneficial?

31 CFR 1010.230, also known as the Beneficial Ownership Rule, requires financial institutions to identify and verify the identities of the beneficial owners of legal entity customers.

Who is required to file 31 cfr1010230 - beneficial?

Financial institutions, including banks, credit unions, and broker-dealers, are required to file 31 CFR 1010.230.

How to fill out 31 cfr1010230 - beneficial?

To fill out 31 CFR 1010.230, financial institutions must collect information about the beneficial owners of legal entity customers, including their names, addresses, and ownership percentages.

What is the purpose of 31 cfr1010230 - beneficial?

The purpose of 31 CFR 1010.230 is to prevent money laundering and terrorist financing by increasing transparency around the ownership of legal entities.

What information must be reported on 31 cfr1010230 - beneficial?

Information that must be reported on 31 CFR 1010.230 includes the names, addresses, and ownership percentages of the beneficial owners of legal entity customers.