07/26/2020
Our bank currently does not open accounts for Non-Resident Aliens (NRA). I have a new customer that has an ITIN for work only, and a work authorization that will expire at the end of the year. She says that she is a "permanent resident" but does not have a permanent resident card. She says that this Employment Authorization Document (EAD) is her "green card" and is the same thing as a "permanent resident" card. Do I need to worry with it, or just take her word and move on?
05/31/2020
Are we required to get an updated photo ID on an existing customer when we open a new account relationship with them (i.e. a loan, DDA, savings, etc)?
04/19/2020
We think we heard Brian Crow say, at TopGun Mar. 2020), that if we acquire a loan from a non-covered institution, that did not collect Beneficial Ownership certification from a legal entity borrower, we now must do so. I'm looking for citation of that requirement in Regs or guidance etc. We're about to do exactly that scenario.
12/01/2019
I have a compliance question related to our CIP documentation process. An IRS SS-4 Form is typically a required document to verify the Employee Identification Number. We are asking if a company’s Tax Returns and Department of Revenue Letter can be used as substitute items in lieu of the SS-4?
09/29/2019
XYZ, LLC was opened with a certification of two individual signers owning 10% and 16% of the company. However XYZ’s company agreement stated that another LLC (ABC, LLC) owned 90% and one individual (one of the signers) owned 10% interest of the company. The ABC, LLC was not indicated on the certification.
Based on the XYZ’s company agreement, do we need to request beneficiary ownership information on the ABC owners?
09/08/2019
Would failure to collect beneficial ownership information at account opening (CDD) or a reason for not needing CDD certification of beneficial ownership be considered a CIP exception?
06/30/2019
When addressing Beneficial Ownership-Statutory Trusts, what is the best way to discern a trust that is a "statutory trust created by a filing with a
Secretary of State or similar office"? We have questions regarding how to tell the difference between a regular family trust and a business trust.
06/16/2019
Do you need to complete a new CIP form for a change of address?
06/09/2019
What is the proper identification for cashing checks or making deposits?
12/23/2018
If a client has a Social Security card stamped for work only, can that be used for opening accounts in a bank?