source:
  type: regulation
  id: bsa-31cfr-1010.230
  authority: 31 CFR §1010.230 — Beneficial ownership requirements for legal entity customers (FinCEN CDD
    rule)
  description: 'FinCEN beneficial ownership / customer due diligence rule for legal entity

    customers under 31 CFR §1010.230.

    '
obligations:
- id: bsa-31cfr-1010.230-a
  canonical_id: bsa-31cfr-1010.230-a
  section: 31 CFR §1010.230(a)
  description: '(a): (a) In general. Covered financial institutions are required to establish and maintain
    written procedures that are reasonably designed to identify and verify beneficial owners of legal
    entity customers and to include such procedures in their anti-money laundering compliance program
    required under 31 …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: (a) In general. Covered financial institutions are required to establish and maintain
      written procedures that are reasonably designed to identify and verify beneficial owners of legal
      entity customers and to include such procedures in their anti-money laundering compliance program
      required under 31 U.S.C. 5318(h) and its implementing regulations.
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-b
  canonical_id: bsa-31cfr-1010.230-b
  section: 31 CFR §1010.230(b)
  description: '(b): (b) Identification and verification. With respect to legal entity customers, the
    covered financial institution ''s customer due diligence procedures shall enable the institution to:
    (1) Identify the beneficial owner(s) of each legal entity customer at the time a new account is opened,
    unless the cust…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: '(b) Identification and verification. With respect to legal entity customers, the
      covered financial institution ''s customer due diligence procedures shall enable the institution
      to: (1) Identify the beneficial owner(s) of each legal entity customer at the time a new account
      is opened, unless the customer is otherwise excluded pursuant to paragraph (e) of this section or
      the account is exempted pursuant to paragraph (h) of this section. A covered financial institution
      may accomplish this either by obtaining a certification in the form of appendix A of this section
      from the individual opening the account on behalf of the legal entity customer, or by obtaining
      from the individual the information required by the form by another means, provided the individual
      certifies, to the best of the individual''s knowledge, the accuracy of the information; and (2)
      Verify the identity of each beneficial owner identified to the covered financial institution , according
      to risk-based procedures to the extent reasonable and practicable. At a minimum, these procedures
      must contain the elements required for verifying the identity of customers that are individuals
      under § 1020.220(a)(2) of this chapter (for banks); § 1023.220(a)(2) of this chapter (for brokers
      or dealers in securities); § 1024.220(a)(2) of this chapter (for mutual funds); or § 1026.220(a)(2)
      of this chapter (for futures commission merchants or introducing brokers in commodities); provided,
      that in the case of documentary verification, the financial institution may use photocopies or other
      reproductions of the documents listed in paragraph (a)(2)(ii)(A)( 1 ) of § 1020.220 of this chapter
      (for banks); § 1023.220 of this chapter (for brokers or dealers in securities); § 1024.220 of this
      chapter (for mutual funds); or § 1026.220 of this chapter (for futures commission merchants or introducing
      brokers in commodities). A covered financial institution may rely on the information supplied by
      the legal entity customer regarding the identity of its beneficial owner or owners, provided that
      it has no knowledge of facts that would reasonably call into question the reliability of such information.'
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-c
  canonical_id: bsa-31cfr-1010.230-c
  section: 31 CFR §1010.230(c)
  description: '(c): (c) Account. For purposes of this section, account has the meaning set forth in §
    1020.100(a) of this chapter (for banks); § 1023.100(a) of this chapter (for brokers or dealers in
    securities); § 1024.100(a) of this chapter (for mutual funds); and § 1026.100(a) of this chapter (for
    futures commission…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: (c) Account. For purposes of this section, account has the meaning set forth in §
      1020.100(a) of this chapter (for banks); § 1023.100(a) of this chapter (for brokers or dealers in
      securities); § 1024.100(a) of this chapter (for mutual funds); and § 1026.100(a) of this chapter
      (for futures commission merchants or introducing brokers in commodities).
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-d
  canonical_id: bsa-31cfr-1010.230-d
  section: 31 CFR §1010.230(d)
  description: '(d): (d) Beneficial owner. For purposes of this section, beneficial owner means each of
    the following: (1) 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 c…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: '(d) Beneficial owner. For purposes of this section, beneficial owner means each
      of the following: (1) 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; and (2) A single individual with significant responsibility to control,
      manage, or direct a legal entity customer, including:'
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-i
  canonical_id: bsa-31cfr-1010.230-i
  section: 31 CFR §1010.230(i)
  description: '(i): (i) An executive officer or senior manager ( e.g., a Chief Executive Officer, Chief
    Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President
    , or Treasurer); or (ii) Any other individual who regularly performs similar functions. (3) If a trust
    owns dire…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: '(i) An executive officer or senior manager ( e.g., a Chief Executive Officer, Chief
      Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President
      , or Treasurer); or (ii) Any other individual who regularly performs similar functions. (3) If a
      trust owns directly or indirectly, through any contract, arrangement, understanding, relationship
      or otherwise, 25 percent or more of the equity interests of a legal entity customer, the beneficial
      owner for purposes of paragraph (d)(1) of this section shall mean the trustee. If an entity listed
      in paragraph (e)(2) of this section owns directly or indirectly, through any contract, arrangement,
      understanding, relationship or otherwise, 25 percent or more of the equity interests of a legal
      entity customer, no individual need be identified for purposes of paragraph (d)(1) of this section
      with respect to that entity''s interests. Note to paragraph ( d ): The number of individuals that
      satisfy the definition of “beneficial owner ,” and therefore must be identified and verified pursuant
      to this section, may vary. Under paragraph (d)(1) of this section, depending on the factual circumstances,
      up to four individuals may need to be identified. Under paragraph (d)(2) of this section, only one
      individual must be identified. It is possible that in some circumstances the same person or persons
      might be identified pursuant to paragraphs (d)(1) and (2) of this section. A covered financial institution
      may also identify additional individuals as part of its customer due diligence if it deems appropriate
      on the basis of risk.'
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-e
  canonical_id: bsa-31cfr-1010.230-e
  section: 31 CFR §1010.230(e)
  description: '(e): (e) Legal entity customer. For the purposes of this section: (1) Legal entity customer
    means a corporation, limited liability company, or other entity that is created by the filing of a
    public document with a Secretary of State or similar office, a general partnership, and any similar
    entity formed …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: '(e) Legal entity customer. For the purposes of this section: (1) Legal entity customer
      means a corporation, limited liability company, or other entity that is created by the filing of
      a public document with a Secretary of State or similar office, a general partnership, and any similar
      entity formed under the laws of a foreign jurisdiction that opens an account. (2) Legal entity customer
      does not include:'
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-i
  canonical_id: bsa-31cfr-1010.230-i
  section: 31 CFR §1010.230(i)
  description: '(i): (i) A financial institution regulated by a Federal functional regulator or a bank
    regulated by a State bank regulator; (ii) A person described in § 1020.315(b)(2) through (5) of this
    chapter; (iii) An issuer of a class of securities registered under section 12 of the Securities Exchange
    Act of 1934 …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: (i) A financial institution regulated by a Federal functional regulator or a bank
      regulated by a State bank regulator; (ii) A person described in § 1020.315(b)(2) through (5) of
      this chapter; (iii) An issuer of a class of securities registered under section 12 of the Securities
      Exchange Act of 1934 or that is required to file reports under section 15(d) of that Act ; (iv)
      An investment company, as defined in section 3 of the Investment Company Act of 1940 , that is registered
      with the Securities and Exchange Commission under that Act ;
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-v
  canonical_id: bsa-31cfr-1010.230-v
  section: 31 CFR §1010.230(v)
  description: '(v): (v) An investment adviser, as defined in section 202(a)(11) of the Investment Advisers
    Act of 1940 , that is registered with the Securities and Exchange Commission under that Act ; (vi)
    An exchange or clearing agency, as defined in section 3 of the Securities Exchange Act of 1934 , that
    is registere…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: (v) An investment adviser, as defined in section 202(a)(11) of the Investment Advisers
      Act of 1940 , that is registered with the Securities and Exchange Commission under that Act ; (vi)
      An exchange or clearing agency, as defined in section 3 of the Securities Exchange Act of 1934 ,
      that is registered under section 6 or 17A of that Act ; (vii) Any other entity registered with the
      Securities and Exchange Commission under the Securities Exchange Act of 1934 ; (viii) A registered
      entity, commodity pool operator, commodity trading advisor, retail foreign exchange dealer, swap
      dealer, or major swap participant, each as defined in section 1a of the Commodity Exchange Act ,
      that is registered with the Commodity Futures Trading Commission ; (ix) A public accounting firm
      registered under section 102 of the Sarbanes-Oxley Act ;
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-x
  canonical_id: bsa-31cfr-1010.230-x
  section: 31 CFR §1010.230(x)
  description: '(x): (x) A bank holding company, as defined in section 2 of the Bank Holding Company Act
    of 1956 ( 12 U.S.C. 1841 ) or savings and loan holding company, as defined in section 10(n) of the
    Home Owners'' Loan Act ( 12 U.S.C 1467a(n) ); (xi) A pooled investment vehicle that is operated or
    advised by a financ…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: '(x) A bank holding company, as defined in section 2 of the Bank Holding Company
      Act of 1956 ( 12 U.S.C. 1841 ) or savings and loan holding company, as defined in section 10(n)
      of the Home Owners'' Loan Act ( 12 U.S.C 1467a(n) ); (xi) A pooled investment vehicle that is operated
      or advised by a financial institution excluded under paragraph (e)(2) of this section; (xii) An
      insurance company that is regulated by a State; (xiii) A financial market utility designated by
      the Financial Stability Oversight Council under Title VIII of the Dodd-Frank Wall Street Reform
      and Consumer Protection Act of 2010; (xiv) A foreign financial institution established in a jurisdiction
      where the regulator of such institution maintains beneficial ownership information regarding such
      institution; (xv) A non-U.S. governmental department, agency or political subdivision that engages
      only in governmental rather than commercial activities; and (xvi) Any legal entity only to the extent
      that it opens a private banking account subject to § 1010.620 of this chapter. (3) The following
      legal entity customers are subject only to the control prong of the beneficial ownership requirement:'
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-i
  canonical_id: bsa-31cfr-1010.230-i
  section: 31 CFR §1010.230(i)
  description: '(i): (i) A pooled investment vehicle that is operated or advised by a financial institution
    not excluded under paragraph (e)(2) of this section; and (ii) Any legal entity that is established
    as a nonprofit corporation or similar entity and has filed its organizational documents with the appropriate
    State…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: (i) A pooled investment vehicle that is operated or advised by a financial institution
      not excluded under paragraph (e)(2) of this section; and (ii) 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.
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-f
  canonical_id: bsa-31cfr-1010.230-f
  section: 31 CFR §1010.230(f)
  description: '(f): (f) Covered financial institution. For the purposes of this section, covered financial
    institution has the meaning set forth in § 1010.605(e)(1) of this chapter.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: (f) Covered financial institution. For the purposes of this section, covered financial
      institution has the meaning set forth in § 1010.605(e)(1) of this chapter.
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-g
  canonical_id: bsa-31cfr-1010.230-g
  section: 31 CFR §1010.230(g)
  description: '(g): (g) New account. For the purposes of this section, new account means each account
    opened at a covered financial institution by a legal entity customer on or after the applicability
    date.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: (g) New account. For the purposes of this section, new account means each account
      opened at a covered financial institution by a legal entity customer on or after the applicability
      date.
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-h
  canonical_id: bsa-31cfr-1010.230-h
  section: 31 CFR §1010.230(h)
  description: '(h): (h) Exemptions. (1) Covered financial institutions are exempt from the requirements
    to identify and verify the identity of the beneficial owner(s) set forth in paragraphs (a) and (b)(1)
    and (2) of this section only to the extent the financial institution opens an account for a legal
    entity customer …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: '(h) Exemptions. (1) Covered financial institutions are exempt from the requirements
      to identify and verify the identity of the beneficial owner(s) set forth in paragraphs (a) and (b)(1)
      and (2) of this section only to the extent the financial institution opens an account for a legal
      entity customer that is:'
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-i
  canonical_id: bsa-31cfr-1010.230-i
  section: 31 CFR §1010.230(i)
  description: '(i): (i) At the point-of-sale to provide credit products, including commercial private
    label credit cards, solely for the purchase of retail goods and/or services at these retailers, up
    to a limit of $50,000; (ii) To finance the purchase of postage and for which payments are remitted
    directly by the fina…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: (i) At the point-of-sale to provide credit products, including commercial private
      label credit cards, solely for the purchase of retail goods and/or services at these retailers,
      up to a limit of $50,000; (ii) To finance the purchase of postage and for which payments are remitted
      directly by the financial institution to the provider of the postage products; (iii) To finance
      insurance premiums and for which payments are remitted directly by the financial institution to
      the insurance provider or broker; (iv) To finance the purchase or leasing of equipment and for which
      payments are remitted directly by the financial institution to the vendor or lessor of this equipment.
      (2) Limitations on Exemptions.
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-i
  canonical_id: bsa-31cfr-1010.230-i
  section: 31 CFR §1010.230(i)
  description: '(i): (i) The exemptions identified in paragraphs (h)(1)(ii) through (iv) of this section
    do not apply to transaction accounts through which a legal entity customer can make payments to, or
    receive payments from, third parties. (ii) If there is the possibility of a cash refund on the account
    activity iden…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: (i) The exemptions identified in paragraphs (h)(1)(ii) through (iv) of this section
      do not apply to transaction accounts through which a legal entity customer can make payments to,
      or receive payments from, third parties. (ii) If there is the possibility of a cash refund on the
      account activity identified in paragraphs (h)(1)(ii) through (iv) of this section, then beneficial
      ownership of the legal entity customer must be identified and verified by the financial institution
      as required by this section, either at the time of initial remittance, or at the time such refund
      occurs.
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-i
  canonical_id: bsa-31cfr-1010.230-i
  section: 31 CFR §1010.230(i)
  description: '(i): (i) Recordkeeping. A covered financial institution must establish procedures for
    making and maintaining a record of all information obtained under the procedures implementing paragraph
    (b) of this section. (1) Required records. At a minimum the record must include:'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: '(i) Recordkeeping. A covered financial institution must establish procedures for
      making and maintaining a record of all information obtained under the procedures implementing paragraph
      (b) of this section. (1) Required records. At a minimum the record must include:'
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-i
  canonical_id: bsa-31cfr-1010.230-i
  section: 31 CFR §1010.230(i)
  description: '(i): (i) For identification, any identifying information obtained by the covered financial
    institution pursuant to paragraph (b) of this section, including without limitation the certification
    (if obtained); and (ii) For verification, a description of any document relied on (noting the type,
    any identifi…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: (i) For identification, any identifying information obtained by the covered financial
      institution pursuant to paragraph (b) of this section, including without limitation the certification
      (if obtained); and (ii) For verification, a description of any document relied on (noting the type,
      any identification number, place of issuance and, if any, date of issuance and expiration), of any
      non-documentary methods and the results of any measures undertaken, and of the resolution of each
      substantive discrepancy. (2) Retention of records. A covered financial institution must retain the
      records made under paragraph (i)(1)(i) of this section for five years after the date the account
      is closed, and the records made under paragraph (i)(1)(ii) of this section for five years after
      the record is made.
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: bsa-31cfr-1010.230-j
  canonical_id: bsa-31cfr-1010.230-j
  section: 31 CFR §1010.230(j)
  description: '(j): (j) Reliance on another financial institution. A covered financial institution may
    rely on the performance by another financial institution (including an affiliate) of the requirements
    of this section with respect to any legal entity customer of the covered financial institution that
    is opening, or …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §1010.230(b)
    source_class: fincen
    source_url: https://www.law.cornell.edu/cfr/text/31/1010.230
    snapshot_id: 9e7e2ba2a7ce2ed7
    fetched_at: '2026-05-22T11:34:05Z'
    content_hash: sha256:b54a4254d474c23f276709adf2e92b6184084493ebc3c781b14567aab13bd417
    paragraph_quote: '(j) Reliance on another financial institution. A covered financial institution may
      rely on the performance by another financial institution (including an affiliate) of the requirements
      of this section with respect to any legal entity customer of the covered financial institution that
      is opening, or has opened, an account or has established a similar business relationship with the
      other financial institution to provide or engage in services, dealings, or other financial transactions,
      provided that: (1) Such reliance is reasonable under the circumstances; (2) The other financial
      institution is subject to a rule implementing 31 U.S.C. 5318(h) and is regulated by a Federal functional
      regulator; and (3) The other financial institution enters into a contract requiring it to certify
      annually to the covered financial institution that it has implemented its anti-money laundering
      program, and that it will perform (or its agent will perform) the specified requirements of the
      covered financial institution ''s procedures to comply with the requirements of this section. [
      81 FR 29451 , May 11, 2016, as amended at 82 FR 45183 , Sept. 28, 2017] Securities Exchange Act
      of 1934 Investment Company Act of 1940 Investment Advisers Act of 1940 Commodity Exchange Act Bank
      Holding Company Act of 1956 Home Owners'' Loan Act Dodd-Frank Wall Street Reform and Consumer Protection
      Act CFR Toolbox Law about... Articles from Wex Table of Popular Names Parallel Table of Authorities
      Accessibility About LII Contact us Advertise here Help Terms of use Privacy'
    drafter_attestation: Verbatim subsection of 31 CFR §1010.230 from Cornell LII snapshot 9e7e2ba2a7ce2ed7;
      body isolated between nav and notes; substring-verified.
  judgment: false
