Which of the following individuals are NOT subject to identification and verification rules?

Beneficiaries are typically not required to undergo the same identification and verification processes as account holders or those who have ownership interests in an account. The primary focus of identification and verification rules is on individuals who have direct control over the account, such as owners, joint owners, and co-borrowers, as they are actively engaged in the transaction processes and financial decisions related to the account.

Beneficiaries, on the other hand, are individuals designated to receive benefits or assets from an account or trust upon a specific event, such as the death of the account holder. They do not have control or access to the account during the account holder's lifetime and therefore do not need to be identified or verified under the same rules that apply to those who are active parties to the account. Understanding this distinction helps clarify the regulatory intent behind identification practices, reinforcing that they aim to mitigate risks associated with the actual control of funds rather than merely the potential future recipients.