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WorksheetsBeneficial Ownership
Total questions: 10
Worksheet time: 5mins
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
