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How do other FI plan on verifying the identity of the Beneficial Owner. Typically we get 2 forms of ID and we run chexsystems but we are curious what others are going to do once this goes into effect. Are you going to accept copies of IDs or require the beneficial owners to come in?
Response from Rachel Hamilton (CMG member/presenter during M2M):
We will use the same documentary and non-documentary measures we use to verify customers and account signers consistent with our written CIP; however, we will accept photocopies of IDs for beneficial owners as allowed by the regulation and guidance. Beneficial owners will not have to appear in person, but the bank will rely on the information and copies of IDs provided by the business representative opening the account.
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