We have a current customer that wants to open an account for his whiskey business in Ireland. This company is a ILC - Irish Limited Company similar they say to an LLC. He will sell his whiskey in the US to am American importer/Distributor and wire the proceeds back to Ireland. 1. We would have to monitor the number of International outgoing wires, I know. What else should we have before we open the account? I have requested exactly what his plan would be - how it will work but I knw there has to be more? Any assistance would be appreciated!

What do your policies say about banking foreign companies? If there is not sufficient information in your policies (CIP, CDD, EDD), then that is where you start. I assume that you have processes for vetting foreign companies already in place? Has your board approved banking foreign companies?

This would be our first and so no policies or vetting process there. We have requested more information but wanted to know what I should be asking him for?

Good point with Board Approval and I will bring that up.