Form Update
Description
The Certification Regarding Beneficial Owners of Legal Entity Customers (CRBOLEC.MSC) will be added to closing packages for loans processed on or after May 11, 2018 when a borrower is a legal entity. This form is issued by the Financial Enforcement Network ("FinCEN") for certain financial institutions required to obtain, verify, and record beneficial ownership information on legal entity customers at the time of account opening.
For additional information, please see the Federal Register (Vol. 81, No. 91), Frequently Asked Questions ("FAQs") in FinCEN Guidance FIN-2016-G003 and FinCEN Guidance FIN-2018-G001,