24 | March/April 2023 | BAEC Bulletin
value. An individual with indirect substantial control or indirect ownership must also report. For instance, a Trust Protector, with ability to amend the Trust Agreement would appear to have indirect substantial control. The final regulations were released September 29, 2022, and may be found at 31 C.F.R. Section 1010.380. Reporting Companies formed after January 1, 2024 will have 30 days from date of creation to file the required reporting. Reporting Companies created before January 1, 2024, will have until January 1, 2025 to file their initial report. If a Reporting Company finds any inaccuracies in its report, it must file a correction within 30 days after it becomes aware of, or has reason to know of, the inaccuracy. A Reporting Company has only 30 days to report any change in information previously reported, including such things as changes to the residential address of a Beneficial Owner. The 30 days start to run when the change occurs, not when the Reporting Company becomes aware of the change. If a Beneficial Owner dies, new information must be reported “when the estate of the deceased beneficial owner is settled. . . .” [ 31 C.F.R. Section 1010.380(a)(2)(iii). But, if a 25% interest in a Reporting Corporation is distributed to a new beneficiary, it would appear that the 30-day clock would start. The required report must include (A) the full legal name of the individual; (B) the date of birth of the individual; (C) a complete current address, which for a beneficial owner is his or her residential street address; (D) a unique identifying number from a government issued documents such as a valid passport or driver’s license, and (E) an image of that document. New Notary Public Recordkeeping and Reporting You perhaps have read about it elsewhere, but it bears repeating, that effective January 25, 2023, new Rules for Recordkeeping for Notaries Public have been issued by the New York State Department of State, 19 NYCRR 182.9. It is important to note that this Rule applies to New York notaries, but does not apply to foreign notaries notarizing New York documents in foreign jurisdictions. The new rule, 19 NYCRR 182.9, provides that all notaries must keep detailed records of all the notarial services they perform, including certain specific information. Such record keeping must include: (1) The date, approximate time, and type of notarial acts performed; (2) The name and address of any individuals for whom a notarial act was performed;
(4) The type of credential used to identify the principal [see 19 NYCRR 182.5]; (5) The verification procedures used for any personal appearance before the notary public; and (6) For electronic notarial acts, identification of the communication technology and, if not included as part of the communication technology used by the electronic notary, the certification authority and verification providers used. As to satisfactory evidence of identity of an individual for whom a notarial act was preformed, 19 NYCRR 182.5 provides in part: (b) For any individual signing a document who physically appears before a notary public, satisfactory evidence of identity requires identity verification through: (1) Presentation of the back and front of an identification card issued by a governmental agency provided the card: (i) is valid and current; (ii) contains the photographic image of the bearer; (iii) has an accurate physical description of the bearer, if applicable; and (iv) includes the signature of the bearer; (2) at least two current documents issued by an institution, business entity, or federal or state government with at least the individual’s signature;
(3) attestation by the notary that the individual is personally known to them;
(4) the oath or affirmation of a witness who is personally known to both the individual and notary; or (5) the oath or affirmation of two witnesses who know the individual personally and provide identification that meets the requirements of paragraph (1) of subdivision (b) of this section. All records required by 19 NYCRR 182.9 must be kept by the notary for a minimum of ten (10) years, and must be able to be produced as may be necessary. Notaries who knowingly refrain from performing a duty which is imposed upon them by law, with certain intent, may be guilty of violating Section 195.00 of the Penal Law, which is a Class A misdemeanor.
(3) The number and type of notarial services provided;
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