The GoDocs loan package does not include the form itself; however, it comprehensively covers the Certificate of Beneficial Ownership requirements by:
1. Incorporating the regulation by reference in definitions
2. Making delivery a condition precedent to loan closing
3. Requiring ongoing updates with Event of Default consequences
4. Expanding beyond the form with additional AML/sanctions representations
5. Creating continuing obligations throughout the loan term
6. Establishing remedies for non-compliance or misrepresentation
The GoDocs package doesn't replace the Certificate form itself but creates the contractual framework requiring its completion, delivery, and ongoing accuracy as part of the loan relationship.
The actual Certificate of Beneficial Ownership form is intentionally not included in the closing package because it is a pre-closing document that financial institutions are required to obtain and verify as part of their customer due diligence obligations under 31 CFR § 1010.230 before loan approval. This regulatory compliance duty rests with the financial institution. By the time the loan reaches the closing stage, the lender should have already collected, verified, and maintained the Beneficial Ownership Certification in accordance with their Bank Secrecy Act/AML program requirements.
The loan documents simply memorialize that this obligation has been satisfied and create ongoing update requirements.
Mapping of Beneficial Ownership Requirements
1. Definition and Regulatory Framework - GoDocs Loan Agreement: *Section A - Defined Terms: Defines "Beneficial Ownership Certification" and "Beneficial Ownership Regulation" (referencing same 31 CFR § 1010.230) *Explicitly incorporates the regulatory requirement into loan definitions
2. Who Must Be Identified - GoDocs Loan Agreement: *Section C.3(d): States "If Borrower qualifies as a 'legal entity customer' under the Beneficial Ownership Regulation, Borrower will have delivered to Lender a Beneficial Ownership Certification" *Section D.10(a)(v): Requires delivery of Beneficial Ownership Certification at least 5 days prior to Closing Date
3. Information Required - GoDocs Loan Agreement: *Section D.11(a): Requires notification of any changes in beneficial ownership information *References the Certification will contain all required information per regulation
4. Ongoing Obligations - GoDocs Loan Agreement: *Section D.11(a): "Borrower shall notify Lender promptly in writing if... (ii) there is any change in the information provided to Lender in any Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified therein" *Makes failure to notify an Event of Default
5. Anti-Money Laundering Compliance - GoDocs Loan Agreement: *Section C.3: Entire section on "Statements of Fact Regarding Compliance with the Anti-Money Laundering Laws" *Section D.11(a): Extensive AML compliance requirements *Section H.17: USA PATRIOT Act notice and verification requirements
6. Timing and Conditions - GoDocs Loan Agreement: *Section D.10(a)(v): "At least five (5) days prior to the Closing Date, if Borrower qualifies as a 'legal entity customer'... Borrower shall deliver a Beneficial Ownership Certification" *Made a condition precedent to loan closing
7. Designated Persons/Restricted Parties - GoDocs Loan Agreement: *Section C.3(b): Detailed representations that no beneficial owner is a "Designated Person" under Executive Order 13224 or on OFAC lists *Section C.3(c): Confirms no Designated Person has interest in Borrower