With all the different types of business entities, lenders have challenges in properly identifying their borrowers and understanding their legal structures. Customer Identification Program (CIP) requirements and the Beneficial Ownership Rule impose specific regulatory requirements for identifying borrowers. Failure to properly identify a borrower may not only impair the lender’s security interest and put the collectability of the entire loan at risk due to UCC Article 9’s requirements, but could also result in a compliance violation.

 

This Webinar will address these issues in a “workshop” format, providing checklists for the types of documents that can be obtained from various types of business entities.