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#2225760 - 11/18/19 01:44 PM US Citizen - foreign business
Lele Offline
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Lele
Joined: Feb 2007
Posts: 817
In the Sun
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!
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#2225762 - 11/18/19 01:56 PM Re: US Citizen - foreign business [Re: Lele]
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 74,791
Galveston, TX
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?
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#2225766 - 11/18/19 03:21 PM Re: US Citizen - foreign business [Re: Lele]
Lele Offline
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Lele
Joined: Feb 2007
Posts: 817
In the Sun
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.
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