Beneficial Ownership

Which one is considered a Legal Entity Member

• Sole Proprietorship

• Limited Liability Companies

• Unincorporated Associations

• Individual

What do non-profit corporations need to identify?

• Control Only

• 25% or more Owner

• 25% or less Owner

• Owner and Control

Which of these is NOT considered a "triggering event"?

• New share on an existing account

• Adding/Removing authorized signers

• Depositing funds to a Money Market

When is the Information Only Record needed?

• When an Owner is a signer on the account

• When an Owner is not on the account and owns 24% of the business

• When an Owner/Control is not a signer on the account

• Information Only Records should always be on the account

What does an LLC need to identify?

• An Owner and a Control

• Owners with less than 25% ownership

• Control Only

• Tracking 47 record

Which of these items is needed for all beneficial owners?

• Member number

• High School attended

• Password

• Photocopies of valid identification

Information Only records are created for member use?

• True

• False

What happens if beneficial owner info is not collected at time of account opening?

• A letter will be mailed out notifying the member we need info

• The account should not be opened

• MBS can make exception and will call the member

• An email will be sent explaining the account is closed

Only credit unions have to abide by the
Certification of Beneficial Ownership regulation.

• True

• False

Control and Ownership Prong can be the same person?

• True

• False