Certification Form For Beneficial Ownership
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FAQ
The Beneficial Owner Declaration is a document signed by a director or legal representative of the company and the beneficial owner. The document is then submitted with any additional legal documentation required to verify the parties' identities.
To help the government fight financial crime, regulation requires financial institutions obtain, verify and record information that identifies each person who opens an account, including ownership of that account. The information you are providing will be used for that purpose.
Who Signs the Certification of Beneficial Owners Form? The individual providing the information used to open the account is the person who is required to sign the Certification of Beneficial Owners form. This person may or may not be an owner or associated person on the non-individual account.
In the context of legal arrangements such as trust, beneficial owner refers to natural person(s), at the end of the chain, who ultimately owns or controls the legal arrangement, including those persons who exercise ultimate effective control over the legal arrangement.
The CDD Rule requires these covered financial institutions to identify and verify the identity of the natural persons (known as beneficial owners) of legal entity customers who own, control, and profit from companies when those companies open accounts. The CDD Rule has four core requirements.