Beneficial ownership rule for new bank account for SD IRA LLC
The new bank rules require someone to be named as the beneficial owner of the account.
Under the Beneficial Ownership Rule,1 a bank must establish and maintain written procedures that are reasonably designed to identify and verify beneficial owner(s) of legal entity customers and to include such procedures in its anti-money laundering compliance program.May 5, 2018.
I want to open an account for the LLC where my IRA is the member. My brother is the manager. So who should be listed as the owner? Will it be a problem if I am listed as the beneficial owner? Don't want to run afoul of the disqualified party rules.