Skip to content
GeoDataVision
Thread Options
#1028632 - 08/26/08 08:25 PM Receivership - who's the customer?!?!?
SARempress Offline
Junior Member
Joined: Jul 2006
Posts: 37
Deep in the Heart of Texas
We are in process of opening an account for a court-appointed receiver and having a bit of a debate over who the customer is for CIP. The receivership itself does have an EIN - are they the "customer" for CIP purposes?

Return to Top
BSA/AML/CIP/OFAC Forum
#1028643 - 08/26/08 08:34 PM Re: Receivership - who's the customer?!?!? SARempress
wavewatcher Offline
Diamond Poster
wavewatcher
Joined: May 2003
Posts: 2,053
Hawaii
You are opening a deposit account for a receiver? Or is it a loan with a receiver? Usually the receiver manages the account(s) for the court. We still recognize the customer.

when the receiver closes the account(s), we CIP him/her at that point with the court document with the instructions.

Return to Top
#1028648 - 08/26/08 08:39 PM Re: Receivership - who's the customer?!?!? wavewatcher
SARempress Offline
Junior Member
Joined: Jul 2006
Posts: 37
Deep in the Heart of Texas
It's a deposit account; looks to me like the receiver is basically going to be running the business entity in question and this account is for that purpose. I have the court order, a EIN for the receivership, a physical address. Is that enough for CIP or do I need to have the officer complete CIP for the signer/receiver?

Return to Top

Moderator:  Andy_Z