08/30/2010
I have been in banking for awhile and am being told I am making a mountain out of a mole hill. When it comes to DBA accounts, I have one opinion on what purpose/style account should be opened and I am being told by others that I am not correct. There are two differing opinions when we open a DBA account. For example, one opinion is that Mickey Mouse DBA Great Escape Mousetraps should be opened as a personal style account, where at the account maintenance level, the code would indicate consumer for the purpose of household or personal use. The other opinion is one in which it should opened as a business style account, where at the account maintenance level, the code would indicate business for the purpose of business. The reporting tax ID number in both situations would be the customer’s Social Security Number. If I understand correctly, there are different regulations regarding the purpose/style of an account and there are different protections and benefits for each purpose/style. Can you please help as to which purpose/style would be proper? My best interest is doing things the correct way for the both the bank and the customer.
05/18/2009
How can the bank optimize its vendor risk management efforts?
04/20/2009
If a third party vendor was already with us before we began doing due diligence on third party vendors, do we need to do a relationship survey sheet on them? What if they are no longer in business? The group that helped us put our PandP manual together is no longer in business.
12/15/2008
What are regulators currently looking for in business continuity plan testing?
10/01/2005
Yet another bank has fallen under a BSA examination. The Federal Reserve System recently announced a written agreement with Deutshe Bank Trust Company Americas.
01/31/2005
In order to comply with the BSA, do I or do I not have to complete a site visit for every business account that is opened? If this is a requirement, where is this stated?
01/17/2005
If a customer chooses to have his/her name removed from a CD and he/she is the primary owner, meaning he/she signed the W-9 verification, is it necessary to have the new owner sign a W-9, since any interest earned will be reported with the new TIN number?
10/18/2004
When completing the biennial filing, should the customer re-sign a statement that less then 50% of their gross revenue is from gambling?
09/01/2004
It's official. The agencies have published joint examination procedures for customer identification programs.
06/07/2004
If a customer notifies the bank of a counterfeit item that was included in their statement from two months ago, can the item be returned to the bank that cashed or accepted the deposit of the counterfeit item at this late date?