Most Popular Compliance Content
Risks of opening account for trust
09/08/2024
We have a client wishing to open a checking account through an irrevocable trust for the purpose of funding a self-directed 401K. The checking account would collect funds and then under the trust be invested as outlined by the trustee. What liability would the bank have if we opened the account?
Right of offset
09/08/2024
Is a letter to the borrower required when right of offset is used?
Fraud and FedNow payments
09/08/2024
We are considering allowing customers to use FedNow to receive instant wires. The concern is our customer receives the wire and spends the funds and a day, two, or more go by and we receive a claim to return the funds due to fraud. Which bank would have liability for a fraudulent wire transfer, the sending bank or the receiving bank? Can you provide the references that I should be looking into (UCC, Regulations, etc.)?
Discontinuing cash advance service
09/01/2024
Can a bank offering VISA cash advances stop offering cash advance services?
Does one mistake make a business an MSB?
09/01/2024
We have a commercial customer that cashes checks, but they are not registered as an MSB because they have a policy to not cash checks for one person over $1000 in one day. We found one instance of checks cashed over $1,000 for one person. Are we required to have the customer register as an MSB, or can we verify their check cashing policy and continue to monitor the account for any further instances?