Beneficial Owner ID

Streamline the collection and processing of beneficial owners with a single, digital platform to meet the requirements of FinCEN’s Beneficial Ownership Rule.

Identify and verify beneficial owners meeting CIP requirements, including OFAC and KYC.

Eliminate paper processing and provide legal entity owners the ability to digitally complete beneficial ownership forms, including e-signature certification.

Create beneficial ownership reports in PDF for digital storage or printing.

Beneficial Owner ID automates the data collection process for beneficial owners during initial application and trigger events so that your FI remains in compliance without the need for manual intervention or comprehensive research.

BENEFICIAL OWNER ID PROVIDES:

  • Electronic streamlining of data collection and processing of KYC and OFAC at enrollment and defined trigger events that require reinvestigation.
  • Digital collection and verification of beneficial ownership with output into a concise electronic report encompassed with all the beneficial owners, persons in control, and legal entity details.
  • Internal customization of data collection based on ownership percentage and internal risk categorization.
  • Ability to request additional documentation to be securely transmitted by the account owner—including articles of incorporation, statements, and identification cards—to resolve identity data discrepancies.
  • Track and certify reports through a comprehensive back office portal.

Facilitate the collection of information needed to identify and verify beneficial owners with a customizable form designed to capture pertinent information about the person in control of the account, the legal entity customer, and beneficial owners. API functionality can be enabled as part of online enrollments for easy collection and verification.

Beneficial Owner ID is the first digital platform of its kind to address beneficial ownership identity collection and verification.

Beneficial Owner ID allows FIs to electronically streamline the collection and processing of beneficial ownership account openers, by providing a single, digital platform that can

  • Process beneficial ownership form(s), including certifications (e.g., e-signatures).
  • Supplement collection as part of a comprehensive Customer Identification Program
  • Identify and verify beneficial owners.
  • Generate time-stamped reports throughout the process.
  • Keep and store PDF reports electronically or in print.

Check out our webinar on Beneficial Owner ID.

To learn more, contact us or call 866.825.3400.

View the Beneficial Owner ID Terms of Use.