What is the entity type for a Trust? Would it be included as a Public Company?
When opening a sole proprietorship checking account, does the bank need to collect signed documents for the control prong. (Not a Beneficial owner sheet, but the control prong sheet?)
Would an ICS (Insured Cash Sweep) account require a beneficial ownership form?
Does a bank need to obtain a Beneficial Ownership Certification form when opening account for a non-profit church?
Is the bank required to get two forms of I.D. for a signer on an account?
Does a publicly traded company need to have a CIP filled out for the company and the signers?
We use a vendor's product for CIP purposes at the bank. When running a sole proprietor account, is there a reason we should be doing the full search or is OFAC alone sufficient? The same would go for unregistered organizations.
I need clarification on the beneficial ownership rule. If we have non-profit or charity accounts that are not legal entities, do we have to do the control prong? What if their paperwork does not have them classified as a corporation or LLC but they have a separate EIN? Do we then do the control prong? And what if the account is very old and they don't have the actual papers stating if they are incorporated, etc. but have a separate EIN? Does the EIN make a difference?
We received an IRS levy for an individual. We have no personal account, but there is an account where the individual is the sole owner on a business account and incorporated. Does the levy effect this account? And do the new Beneficial Ownership regulations impact this at all?
This individual is really using this as a personal account and even deposits Social Security checks into it.
The majority of our IRA customers have their spouse listed as beneficiary. When an IRA holder passed away, we would change the title to the "Spouse as Beneficiary of the deceased IRA" and their SS# if they chose to not treat as their own. We had two IRA holders (in RMD) pass away this year and had multiple children listed as beneficiary. We set up separate accounts for each child as "Beneficiary of the fathers IRA" and transferred the funds to them. This was done "in-house" with transcodes to just transfer
the funds to the separate accounts (no paper work other than the entries). What is the proper way to handle the transferring of accounts like this? Should we have completed new account paperwork for a new IRA account? For CIP purpose?