Last edited by CantBeShocked; 03/17/15 09:06 PM.
We have TPPP customers (approx 5-6) who initiate ACH files through our bank and we have good documentation & EDD reviews on them. Now, we have a potential customer who contacted us today explaining that he needs business banking services for his new company - which is collecting unpaid debts. He is not new to the area, is known by bank personnel and has done this type of work previously - although he has never had banking services with us.
He will be collecting unpaid debts from businesses inside and outside the US, then wiring the payments to the company who is hiring him - a well known tire / rubber company in Tokyo.
Technically he will be a TPPP, although he is not moving funds via ACH.
What documentation do we need to obtain from him? I am asking for copies of his agreement with this company and have asked him to document and explain how he will be receiving payments whether by check or ACH. I have also instructed the branch to explain that we will be reviewing his activity on at least a quarterly basis and will periodically have to ask him for updated information.
Any further input will be appreciated and also, am I correct that he is a TPPP - he just has only one client.