Is there a form template for tracking an entity’s beneficial owners?
How do other banks build related entity reports?
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?
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)?
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.
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
The rules are out and the initial shock wave is over. No more excuses. It is time to get serious about building a Customer Identification Program.
The business of banking has just received yet another compliance requirement: the Customer Identification Program. The new CIP isn't really new.
Customer Information, a.k.a Know Your Customer, has been at the core of what we call dueling regulations.
I know that Know Your Customer makes exceptions to having a driver's license if the customer is elderly or disabled, as long as they provide compensating proof of identity. What happens when you know the customer personally, do you still need to have them show their driver's license? If not so much for identifying them, but more for having their id number on record?