Maybe this has been asked before but I couldn't find the answer...

If we have a legal entity customer where a beneficial owner is an existing customer, can we rely on the ID and SSN we already have on file (having the beneficial ownership form completed as well) or is the expectation that we get a copy of the ID again?

Look at Question 7 in the FAQs that were released recently.

Thanks. I had read the FAQs but didn't remember that being in there.

When they say the existing customer's information is "up to date" does that mean if the customer has been a customer since 2013 and their DL expired (on our system) in 2016 that in 2018 we would need to see it again and record the number and not rely on the one in file? Sorry if that's a dumb question, just want to be sure we aren't doing extra work if it isn't necessary...

The rules don't clearly address this question. The conservative answer would be to obtain it again.

I will be interested to see what others say on this.

Not a dumb question at all. I asked this question of FinCEN using their Contact Us feature yesterday. I have not received a response. There are differing opinions on this. I asked an attorney that specializes in BSA this question and he also said the conservative answer is "yes, obtain up-to-date information regarding expiration dates of identification."

Anyone wanting an answer should probably call FinCEN or submit like I did. I would be interested to know what responses are provided.

This rule is a landmine for violations in my opinion. We need clear answers.

The customer has a name, address, identifying number, and (if an individual) a date of birth. Only one of those things could ever fail to be "up to date..." The fact that they were originally verified with a DL that expired two years ago means nothing.

A corporation could cease to exist if its registration expires. Humans can hang around in their original persona long after their driver's license expires.

Ken,

I wholeheartedly agree. However, if we (meaning BSA Officers) write our procedures differently, then I am concerned about what examiners will do when they start seeing the differences.

Agreed. My response means nothing. Banks want FinCEN to say the same thing. Best of luck!

Ken, I love your sense of humor