Why is a Social Security Number Needed?

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The Beneficial Ownership is a rule from the Financial Crimes Enforcement Network (FinCEN), under the Bank Secrecy Act, that requires companies, such as Faithlife, to collect and verify specific information including social security number from controlling owners of the entity at the time a new account is opened. The intent of this rule is to assist in the government’s effort to prevent financial crimes.

Note: Click here to view the FinCEN guidance.

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