Rejecting the Addition of the Certification Regarding Beneficial Owners of Legal Entity Customers
As of May 11, 2018, DocMagic, Inc. will add the Certification Regarding Beneficial Owners of Legal Entity Customers (DocMagic File Name: CRBOLEC.MSC) to closing packages to return whenever a borrower is a legal entity. This addition is being made to facilitate compliance with a requirement of the final Customer Due Diligence ("CDD") Rule issued by the Financial Crimes Enforcement Network ("FinCEN").
By opting out of this system default, you are eliminating CRBOLEC.MSC from closing packages even though a borrower is a legal entity. The final CDD Rule requires certain financial institutions to obtain, verify, and record beneficial ownership information on legal entity customers at the time of account opening. For more information, please see the Federal Register (Vol. 81, No. 91) as well as the Frequently Asked Questions ("FAQs") in FinCEN Guidance FIN-2016-G003 and FinCEN Guidance FIN-2018-G001.
If you have any questions, please contact: compliancealert@docmagic.com.