A dispensary (Marijuana Related Business) just opened this month in town. We have two members (we are a credit union) that receive payroll from there (ACH).
- Given their employer, is it illegal for them to bank with us?
- Do we need to terminate our relationship with them?
Our policy only states for MRB's that we would allow tier 2 and 3. Technically it is an individual, not a business though. Are we allowed to keep them? I know there are SARs we may have to file for MRB's (limited/terminated, etc.).
If we keep thee depositors, do we have to file a SAR every 90 days on the individuals as long as they are employed at the dispensary?
We understand there is a certain risk having them. There is really no guidance from FinCEN regarding employees of MRB's, just MRB's themselves. Any guidance would be greatly appreciated.
When filing SARs, for the total amount of reported activity would you include both incoming and outgoing transactions when it's the same funds?
Example: Customer received an unusual wire for $50,000 and withdrew the funds in a structured manner. Would the total amount reported be $50,000 or $100,000?
For loans that take months from application to closing, at what point would you recommend collecting updated Customer Due Diligence? My initial thought is that as long as the loan had not closed, we can rely on the information from the previous 90 days, but would want to verify/update after that period, and I am having difficulty finding guidance on specific timing.
We have a customer (existing, but the current business is unrelated to the business in question) that maintains a business based in the UAE and wants to open a deposit relationship in the U.S. The customer is willing to register the business in Texas as a foreign entity, using the UAE address.
Our policy states we do not open accounts for foreign business. We are a small bank with small infrastructure. I have a suspicion that this deposit account will be used as a shell company. How can I inform management that I do not recommend opening the account for what I deem a high-risk entity? Is there something I can cite as support?
If an LLC is doing business under a trade name such as "ABC LLC dba John's Farm Supplies," what is needed for beneficial ownership?
I know the ABC LLC is required to have beneficial ownership and control prong information, but what about the dba John's Farm Supplies, does it need anything separate?
We are debating Item 24 on the SAR form, Financial Institution TIN and Account affected. The scenario is this - a bank customer cash structured his transaction by cashing two checks on two separate days drawn off of another bank customer. Do you include the account number of the two checks cashed even though the cashier has no ownership to the account?
Does a Money Service Business (MSB) who is registered through the state Nationwide Multistate Licensing System (NMLS) still have to register as a MSB separately with FINCEN?
I have a customer that appears to be processing personal transactions through his business account with FanDuel internet gambling site. FanDuel operates under a specific exemption written into the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) that allows for fantasy sports contests. Am I correct in thinking that the use of FanDuel is not a violation of Reg GG? Also, is conducting personal transactions through a business account SARable?
Regarding OFAC compliance, should my 314a scans of wire activity include both domestic and international wires or just foreign wires sent or received?
We are going back and forth as to whether or not a credit union or a church are actually considered non-government organizations? Although we know that they are non-profit, I have read conflicting information and am trying to settle this internally.