Extract to table

1 Key Definitions For purposes of this Matrix, the following terms shall have the meanings set forth below

Where a term is defined by reference to a statute or regulation, the definition shall be construed consistently with the applicable statutory or regulatory provision, including any amendments thereto

The BaaS Partner is Consulted in this process and is required to obtain and transmit additional documentation or information from the customer as directed by BRB

2 Beneficial Ownership Identification (Legal Entity Customers) For all legal entity customers — including corporations, limited liability companies, general and limited partnerships, business trusts, and other entities formed under the laws of any state or foreign jurisdiction — BRB is required to identify and verify the beneficial owners of the entity, as defined by FinCEN's beneficial ownership rule at 31 C

4 Sanctions and Watchlist Screening at Onboarding Sanctions and watchlist screening at onboarding is a critical compliance control that must be performed prior to or contemporaneously with account opening

Once the decision to apply EDD has been made, additional documentation and information must be collected from the customer