Certification of Beneficial Owner(S)

Certification of Beneficial Owner(S) is a 3-page legal document that was released by the U.S. Department of the Treasury - Financial Crimes Enforcement Network on September 7, 2017 and used nation-wide.

FAQ

Q: What is a Certification of Beneficial Owner(s)?
A: A Certification of Beneficial Owner(s) is a document that verifies the identity of the individual(s) who ultimately own or control a business entity.

Q: Why is a Certification of Beneficial Owner(s) required?
A: A Certification of Beneficial Owner(s) is required to comply with anti-money laundering and know-your-customer regulations. It helps to prevent fraud, money laundering, and other illicit activities.

Q: Who needs to provide a Certification of Beneficial Owner(s)?
A: Business entities, such as corporations, limited liability companies (LLCs), and partnerships, may need to provide a Certification of Beneficial Owner(s) to financial institutions, government agencies, or regulatory bodies.

Q: What information is included in a Certification of Beneficial Owner(s)?
A: A Certification of Beneficial Owner(s) typically includes the full legal name, address, date of birth, and social security number (or equivalent identification number) of each beneficial owner. It may also require supporting documentation, such as a valid photo ID.

Q: How is a Certification of Beneficial Owner(s) obtained?
A: A Certification of Beneficial Owner(s) can usually be obtained by completing a form provided by the relevant financial institution, government agency, or regulatory body. The form may need to be notarized or certified.

Q: Are there any penalties for providing false information on a Certification of Beneficial Owner(s)?
A: Yes, providing false information on a Certification of Beneficial Owner(s) can lead to severe penalties, including fines, imprisonment, or both. It is important to provide accurate and truthful information.