During account opening for a new business customer the branches verify that the required annual filings with the state are up to date. As new accounts are opened for existing business customers a CDD questionnaire is completed for each new account, however the branches are pushing back regarding verifying that annual state filings are up to date. I haven't been able to locate any guidance on whether this is a requirement or a recommended best practice. Can you please advise?
Should the owner of a sole proprietor business account cash checks made payable to him personally using the business account?
If a customer purchases a cashiers check with cash over $10,000 I know the CTR is required, but are we still required to do the check log? I thought the check log register was only for amounts $3,000.00 - $10,000.00.
For account opening, my bank requires a separate application, signature card, and Uniform Single-Party or Multi-Party Account Selection Notice. Is there a regulation/law/code that requires all of these to match? While auditing, I noticed POD selection and information missing from an application; however, the beneficiary has been named [properly] on the selection notice. Do I need to have the customer complete a new application?
Is a Corporate Banking Resolutions on a bank's letterhead which is completed and certified by the Board Secretary with the corporate seal affixed, sufficient to memorialize a resolution taken by a company's board of directors regarding actions related to a banking relationship such as appointing a new board secretary or adding and deleting signers?