For the second time, I have been notified that a BO is a minor. Anyone else experiencing this? What have you decided to do with respect to ID? In this case the minor is 13 years old.

We just recently closed an account and filed a SAR because Dad registered a company in his minor son's name. We did not think there was a benign reason for this in our situation.

Minor's cannot legally contract, so how would this work for a business?

What does your CIP say about identification for someone who, due to age or disability, has no identification that matches your program requirements? Follow that.

Not addressed in our procedures. I didn't write them.....

What are others doing?

It better be a lemonade stand, that's my stance. Otherwise, a minor's interest in a real business would be handled by a guardian or trustee I would think.

Daisy,

Are you suggesting that we obtain the name and ID of the guardian?

I haven't had to face this, so I don't have a feel for the circumstances where it would take place.

If you opened a personal checking account for that minor, that is what you would do. Couldn't you show the BO as John Doe, Guardian for Robert Doe, minor and get the guardian's ID and info?

The minor has a court appointed guardian??