New BSA rule published: No big deal or pain in the neck?

The long awaited “Beneficial Owner” BSA final rule is hot off the presses. But, before a panic attack starts to set in and your blood pressure starts to rise, relax. Compliance with the rule isn’t required until 5/11/18. You know, the same year that the new HMDA rule takes effect. (Better get those vacation plans scheduled in 2017. Nobody gets time off in 2018.)

So, what’s new with this rule? First, there is a certification form that must be completed for any new account opened on behalf of a legal entity, which is everything but a sole proprietor, unincorporated association or natural person opening an account on their own behalf. Another required form at account opening. Yay.

The form requires the name, address, date of birth and Social Security number (or passport, etc.) for:

  • Each individual who directly or indirectly owns 25% or more of the legal entity (up to 5 may be named) AND
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