Thread Options
#2007038 - 04/09/15 02:32 PM Embassy Account
Calmeida12 Offline
100 Club
Joined: Sep 2012
Posts: 249
Does anyone know what legal documents are required to open an account for an embassy? For example for an LLC, you need the Articles, LLC agreement, etc. Also, what type od enhanced due diligence do you perform? Thank you.

Return to Top
BSA/AML/CIP/OFAC Forum
#2007120 - 04/09/15 04:45 PM Re: Embassy Account Calmeida12
el guapo Offline
Gold Star
el guapo
Joined: Jul 2004
Posts: 345
I hope this question is being asked in advance of changing your policy to allow for the opening of these accounts in the future, rather than after having committed to opening this type of account with no policy in place (or worse, a policy that forbids opening this type of account which you will now be ignoring).

Return to Top
#2007132 - 04/09/15 05:18 PM Re: Embassy Account Calmeida12
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 3,950
New York City
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

Return to Top
#2007139 - 04/09/15 05:37 PM Re: Embassy Account Calmeida12
Calmeida12 Offline
100 Club
Joined: Sep 2012
Posts: 249
I have gathered all the necessary items for the due diligence in advance for future need and to be included in a future policy revision. I just don't know what legal documents to mention in the policy and the correct wording necessary to title such an account. As for other entity types, I list in the policy the required documents such as Articles, LLC Agreement, etc. and samples of how to title the accounts. Thank you.

Return to Top
#2007155 - 04/09/15 06:07 PM Re: Embassy Account Calmeida12
edAudit Online
Power Poster
edAudit
Joined: Jul 2008
Posts: 4,706
You are here
there is a lot of potential bsa risk whoy would you wish to open one here and there? Leave it to the private banking guys.

Prior to PEPS being an issue in a prior bank they thought it was a good idea until PEPs became an issue and it was dropped as fast as they could.

If the future is for a substantial amount of theses that would be a different story.
_________________________
Opinions can be considered as coming from anywhere but my employer.

CAMS


Return to Top
#2007212 - 04/09/15 08:03 PM Re: Embassy Account Calmeida12
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 5,975
Illinois
Ken Golliher once called this the "deep end of the pool."

http://www.bankersonline.com/forum/ubbth...rue#Post1581495
_________________________
Sola Gratia, Sola Fides, Sola Scriptura, Solus Christus, Soli Deo Gloria!
www.tcaregs.com

Return to Top

Moderator:  Andy_Z