Bio:
John has been BankersOnline's resident expert for more than 20 years, serving as Executive Editor and frequent presenter in BOL's suite of events.
Burnett joined
BankersOnline in 2004. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.
John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He moved to Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, and as clerk of the bank's holding company.
He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter and participant in BOL Conferences events.
Questions Answered
05/20/2002
We have opened an "non-traditional" banking facility that serves the Latino community. We are requiring that the new customer provide us with either a SSN or ITIN or attest that they have applied for same when opening a non-interest bearing account. I have been met with some resistance. Where can I find the requirement other than our Know Your Customer Policy, Money Laundering Policy and BSA Policy that makes this a federal requirement that banks absolutely must have Tax ID numbers on all accounts?
05/20/2002
Isn't it true that we need to have the ID's, Social Security numbers and addresses of the signors on a business account to be compliant with the changes for BSA?
05/20/2002
What rights do we have to close an account if the balance has been at a zero balance. How many days does the account need to be at a zero balance before we can do anything?
05/20/2002
Regarding the Right to Rescind on refinance transactions: Is the "Confirmation Certificate" section of the form indicating the borrowers do not wish to rescind required to be signed by the borrowers?
05/20/2002
<a href="http://www.bankersonline.com/regs/229/22912.html">12CFR229.12</a> refers to the availability of funds hold. It does not specify the time of day that the hold expires. We have found conflicting answers so I need a citable source.
05/06/2002
What agency requires state banks to have an Anti-Money Laundering Policy in place by April 24, 2002?
05/06/2002
If you are pyramiding late fees-what exactly are you doing?
05/06/2002
I can not get a clear answer on what length of time do we consider an account "New".
05/06/2002
What types of accounts is a LLC allowed to have?
05/06/2002
Is a corporate seal required on a corporate resolution to be valid? Are there any required documents for sole proprietorship accounts?
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