Get Wells Fargo BBG6784-A 2021-2024

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.

Any legal entity that is established as a nonprofit corporation or similar entity and has filed its organizational documents with the appropriate State authority as necessary.

Beneficial ownership allows someone to benefit from assets that are actually held in the name of a company or other legal entity. This is most common for securities, which are typically registered with a broker where the beneficial owners are their customers.

In the context of an LLC, a Beneficial Owner is: any person, who directly or indirectly (through any contract, arrangement, understanding, relationship or otherwise) owns 25% or more of the LLC. any person with significant responsibility or authority to control, manage, or direct an LLC.

The person opening or updating a loan or account on behalf of a covered Legal Entity will be required to complete a “Certification of Beneficial Ownership.” By completing the form, the person present is attesting that the information provided is accurate to the best of their knowledge.

Under the ownership prong, a beneficial owner is each individual, if any, who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, owns 25 percent or more of the equity interests of a legal entity customer.

The control prong of beneficial ownership represents a single individual with significant responsibility to control, manage or direct a legal entity customer. An executive officer or senior manager such as CFO, CEO, etc. meets this definition.

Wells Fargo Bank, N.A.