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Does the information lenders are required to collect from PPP applicants regarding every owner who has a 20% or greater ownership stake in the applicant business satisfy a lender’s obligation to collect beneficial ownership information under the Bank Secrecy Act?
Lenders with existing customers who have already verified the necessary information do not need to re-verify the information. Lenders with new customers will need to make a verification. The following beneficial ownership information will be required: owner name, title, ownership percentage, TIN, address, and date of birth.
You just learned about: Lender Obligation – Beneficial Ownership