Why are we concerned with shell companies?
We issue credit cards with our bank branding using an outside processor. When a business opens a credit card account and has cards issued to authorized users, who is our customer for OFAC purposes? Any card would be issued with titling of ABC Company John Doe embossed on the card. We currently run OFAC for the business but, not the authorized user.
If a business wants to open an account and the store name is in their title of the LLC, is an Assumed Name required? For example: Times Market, No123 LLC wants to open a checking account for their store "Times Market" bearing in mind that there are multiple "Times Market" stores in city.
We have numerous business accounts that have accounts for the state lottery. Is there anything we are required to get per regulation from the business, i.e. lottery license?
We are working to stop customers from running business transactions through their personal accounts. Does anyone have a sample letter advising customers that they need to cease that type of activity and open a business account?
A wife requests to open a business account and add a DBA listing her husband's name. The account set up would be: Jane Doe DBA John Doe. Jane Doe is listed as the owner/signer on the account and then her husband's name listed as the DBA on the account. She also presents a letter from the IRS indicating an EIN has been assigned to John Doe with no actual business name
listed. Is this considered normal practice? Should John Doe be identified and added to the account as a signer as well?
If we have a customer that recently purchased a business. He wants to deposit a check made payable to the business but is also payable to the former owner. Should we just have them request a new check be issued to only the business or, based on paperwork provided can we confirm the current customer has rights to anything made payable to the business going forward regardless of the additional reference to prior owners?
We have an LLC which back in 2008 had one DBA name associated with it. In 2012 there was another addition on the Iowa Secretary of State's records showing a new DBA name attached to the LLC. Then in 2015 there was yet another DBA name was added to the account.
Can an LLC have more than one DBA name on the same bank account, or should she have separate bank accounts for each? The customer prefers one.
Although not a best practice, we are finding that some of our business customers want to drop off their deposits for the tellers to process (not in the night drop), and drive away because they are in a hurry. Some branches are using our courier log to document the deposit and process it under dual control, but I am concern that because it is not stated to do so in our procedures, we are putting ourselves in an audit dilemma. Could you share if any other banks have some sort of practice or procedures and logs that they are using?
A customer has an account titled as a DBA. This customer comes in cashes check for $12,000. stating it is for personal use. Does the DBA name need to be on the CTR?