What CIP information is required for a beneficiary ?
If an account is open in a trustee's name, for the benefit of another person: 1. Does the trustee have the right to spend the money for his own private needs. 2. If there are no trust papers, and the bank sets it up anyway, is the bank liable if the trustee spends all the money.
In the state of NM can a minor account have more than one custodian? If so, is it still considered a single party account w/multiple custodians? or how do we best describe the beneficiary designation?
We have a representative payee account where the representative will sign a blank check drawn on the representative payee account and then give it to the beneficiary, who will then come into the bank and cash it. Are we ok to give a balance to the beneficiary and are we ok in cashing a for the beneficiary?
We are faced with an account that is an irrevocable special needs trust account. There are two trustees. The beneficiary of the account is a disabled individual. The trustees are parents; the beneficiary is an (mid 30s) adult. When the parents pass away, who would have access to this account? Their lawyer couldn't seem to give them the answer. I came to the conclusion that the trustees were the only signers allowed access to the the account. The beneficiary could not access it, now or even at their death. Could you please shed some light on this?
If a POA makes a reportable withdrawal for the custodian on a PUTMA account, we will put the custodian in Section A of the CTR and the POA in Section B. Do we also need to include the beneficiary of the PUTMA in another Section A? We don't know if the money is going to the beneficiary or not.
Currently, we have nothing in writing (procedure, signature card, disclosure or system) that designates on a regular deposit account in which the funds are to be divided equally among beneficiaries. For an IRA, the customer can designate beneficiaries, but not for a simple deposit account. Is it correct if the accounts with single beneficiaries become single accounts, that accounts with joint beneficiaries become joint accounts; therefore, the beneficiary who gets to the bank first is an authorized signer and can withdraw all the funds?
Does the Travel Rule apply to incoming wires?
Why is it that most banks that originate outgoing wire transfers require a physical address (no PO boxes) for the beneficiary? Is this a compliance requirement and if so, where is it established? I have looked at Reg J, the UCC, the BSA exam manual and the travel rule without much luck. The latter proved more helpful than the others, but still offered little justification for the requiring of the beneficiary's physical address. In this regard, the rule states that the originating bank is only required to retain "beneficiary information provided by the requestor" which may or may not include an address. Any help in determining how and/or why this no "PO box policy" was derived would be greatly appreciated.
When a loan is secured by a certificate of deposit held by the same organization should all names listed on the certificate sign the assignment if the C or D states "or" instead of "and"?