Beneficial Ownership Rule
Effective May 11, 2018 all non-exempt business clients will be required, due to a regulatory requirement, to provide Country Club Bank with certain information on Beneficial Owners, and Controlling Persons.
What types of businesses are potentially exempt from these new requirements? Business clients who fall into one of the categories below are generally exempt from these requirements.
1. Sole Proprietorships
2. Unincorporated Associations (such as scout troops or youth sport leagues)
3. Trust, other than statutory trust (created by a filing with a state office)
4. Federal or state regulated financial institutions (e.g. federally regulated banks)
5. Brokers or dealers in securities, mutual funds, and futures commission merchants, and introducing brokers in commodities.
6. Bank and savings and loan holding companies
7. State-regulated insurance companies
8. Publicly held companies listed on the New York, American, or NASDAQ Stock Exchanges.
9. Registered investment advisers and investment companies
10. SEC-registered exchanges or clearing agencies
11. Entities registered with the SEC
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