Are financial institutions required to give written notifications to customers when the bank gives credit for unauthorized ACHs?
We occasionally have customers that have passed away and have no beneficiaries on the account. Do we have to continue to print their account statements monthly or can we change it to print annually?
Do you have a form letter template or suggested text that can be used when we receive a legal issue from outside a jurisdiction we would otherwise have to honor, stating we will not be responding and that legal issues must come from our areas we are subject to?
We suspect a customer is being used as a mule and recently received a large ACH credit. The next day, he wanted to send an international wire with the proceeds from the credit. His explanation of where the funds came from and what they are being used for has changed several times; therefore, we froze the account and have the funds from the ACH credit on hold. Since we suspect he received the funds fraudulently, are we under any obligation to release these to our customer?
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?