02/07/2021
Is it a requirement to gather Beneficial Ownership information on loan guarantors?
08/09/2020
Regarding a Beneficial Owner Certification: ABC, LLC (Borrower) is 100% owned by DEF, Inc. DEF, Inc. is 33.33% owned by 3 individuals. Would I need to list the individuals as having 25% or more ownership on the certification, even though they are not owners of ABC, LLC?
06/14/2020
Do you have any recommendations on sites that offer negative news searches where you can find negative news reports on potential customers - or a list of sites you recommend.
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)?
06/17/2018
Is there a form template for tracking an entity’s beneficial owners?
06/03/2018
How do other banks build related entity reports?
03/18/2018
My inquiry has to do with CIP requirements regarding opening an account under a FLUTMA (we are in Florida). The account holder which is the grandmother opened an account under a FLUTMA for the grandchild. The parents do not wish to release a copy of their child's birth certificate due to possible fears of compromise. Is it mandatory to require CIP information on the minor once the Chex Systems clearance has been obtained; is a birth certificate actually required?
03/19/2012
What are the legal requirements for a bank to open a savings account for an individual customer? From what I understand, banks usually require (1) a signature card and (2) the following identity information: name, address, date of birth and identification number. I don't need any clarification on the identity requirements for Know Your Customer compliance. I am looking for more clarification on the requirements for the signature card. Is the signature card required by law to open a bank deposit account? If so, what is the law and what is the legal definition of a signature card (e.g. the required elements for a signature card)?
08/01/2004
One of the best sessions at ABA's National Regulatory Conference was presented by John Atkinson, with the Federal Reserve Bank of Atlanta and Pam Johnson, Director with Deutsche Bank Trust Company.
12/01/2003
Question: In training sessions, staff has asked me what the difference is between the old Know Your Customer standard and the new Customer Identification Program and why we have to
