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(1) Legal entity customer means: a corporation, limited liability
company, partnership or other similar business entity (whether
formed under the laws of a state or of the United States or a foreign
jurisdiction) that opens a new account.
(2) Legal entity customer does not include:
(i) A financial institution regulated by a Federal functional
regulator or a bank regulated by a State bank regulator;
(ii) A person described in § 1020.315(b)(2) through (5) of this
chapter;
(iii) An issuer of a class of securities registered under section 12
of the Securities Exchange Act of 1934 or that is required
to file reports under section 15(d) of that Act;
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(iv) An investment company, as defined in section 3 of the
Investment Company Act of 1940, that is registered with
the Securities and Exchange Commission under that Act;
(v) An investment adviser, as defined in section 202(a)(11) of
the Investment Advisers Act of 1940, that is registered with
the Securities and Exchange Commission under that Act;
(vi) An exchange or clearing agency, as defined in section 3 of
the Securities Exchange Act of 1934, that is registered
under section 6 or 17A of the Securities Exchange Act of
that Act;
(vii) Any other entity registered with the Securities and
Exchange Commission under the Securities Exchange Act
of 1934;
(viii) A registered entity, commodity pool operator, commodity
trading advisor, retail foreign exchange dealer, swap dealer,
or major swap participant, each as defined in section 1a of
the Commodity Exchange Act, that is registered with the
Commodity Futures Trading Commission;
(ix) A public accounting firm registered under section 102 of
the Sarbanes Oxley Act; and
(x) A charity or nonprofit entity that is described in sections
501(c), 527, or 4947(a)(1) of the Internal Revenue Code of
1986, has not been denied tax exempt status, and is
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required to and has filed the most recently due annual
information return with the Internal Revenue Service.
(e) Covered financial institution. For the purposes of this section, covered financial
institution has the meaning set forth in § 1010.605(e)(1).
(f) Recordkeeping. A covered financial institution must establish procedures for
making and maintaining a record of all information obtained under the procedures
implementing paragraph (b) of this section.
(1) Required records. At a minimum the record must include:
(i) For identification, the certification form described
in paragraph (b) of this seciton, and any other identifying
information obtained by the covered financial institution; and
(ii) For verification, a description of any document
relied on (noting the type, any identification number, place of
issuance and; if any, date of issuance and expiration), of any
non-documentary methods and the results of any measures
undertaken, and of the resolution of each substantive
discrepancy.
(2) Retention of records. A covered financial institution must
retain the records made under paragraph (f)(1)(i) of this section
for five years after the date the account is closed, and the
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records made under paragraph (f)(1)(ii) of this section for five
years after the record is made.
(g) Reliance on another financial institution. A covered financial institution may rely
on the performance by another financial institution (including an affiliate) of the
requirements of this section with respect to any legal entity customer of the
covered financial institution that is opening, or has opened, an account or has
established a similar business relationship with the other financial institution to
provide or engage in services, dealings, or other financial transactions, provided
that:
(1) Such reliance is reasonable under the circumstances;
(2) The other financial institution is subject to a rule implementing 31 U.S.C.
5318(h) and is regulated by a Federal functional regulator; and
(3) The other financial institution enters into a contract requiring it to certify
annually to the covered financial institution that it has implemented its
anti-money laundering program, and that it will perform (or its agent will
perform) the specified requirements of the covered financial institution's
procedures to comply with the requirements of this section.
APPENDIX A -- CERTIFICATION REGARDING BENEFICIAL OWNERS OF
LEGAL ENTITY CUSTOMERS
I. GENERAL INSTRUCTIONS
What is this form?
To help the government fight financial crime, federal regulation requires certain financial
institutions to obtain, verify, and record information about the beneficial owners of legal entity
customers. Legal entities can be abused to disguise involvement in terrorist financing, money
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laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of
key individuals who ultimately own or control a legal entity (i.e., the beneficial owners) helps law
enforcement investigate and prosecute these crimes.
Who has to complete this form?
This form must be completed by the person opening a new account on behalf of a legal entity
with any of the following U.S. financial institutions: (i) a bank or credit union; (ii) a broker or
dealer in securities; (iii) a mutual fund; (iv) a futures commission merchant; or (v) an introducing
broker in commodities.
For the purposes of this form, a legal entity includes a corporation, limited liability company,
partnership, and any other similar business entity formed in the United States or a foreign
country.
What information do I have to provide?
This form requires you to provide the name, address, date of birth and social security number (or
passport number or other similar information, in the case of foreign persons) for the following
individuals (i.e., the beneficial owners):
(i) Each individual, if any, who owns, directly or indirectly, 25 percent or more of the equity
interests of the legal entity customer (e.g., each natural person that owns 25 percent or
more of the shares of a corporation); and
(ii) An individual with significant responsibility for managing the legal entity customer (e.g.,
a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing
Member, General Partner, President, Vice President or Treasurer).
The financial institution may also ask to see a copy of a driver's license or other identifying
document for each beneficial owner listed on this form.
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II. CERTIFICATION OF BENEFICIAL OWNER(S)
Persons opening an account on behalf of a legal entity must provide the following information:
a. Name of Person Opening Account:
_______________________________________________________________________
b. Name of Legal Entity for Which the Account is Being Opened:
_______________________________________________________________________
c. The following information for each individual, if any, who, directly or indirectly, through any contract,
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