I worked on a front line product for US banks and built a process to verify beneficial ownership …

… I worked on a front line product for US banks and built a process to verify beneficial ownership for business account openings. I found the current expectations to be laughable: https://www.federalregister.gov/documents/2022/09/30/2022-21... > An individual may be a beneficial owner of a reporting company by indirectly holding 25 percent or more of the ownership interests of the reporting company through multiple exempt entities. Getting around this is not very difficult if you are clever and wealthy. The overall takeaway I had was that these kinds of rules don't really work in the cases where they need to the most. I don't know how much of a deterrent this could ever hope to be. We even developed an override process for this based on a request from one of our clients.