As it pertains to the Beneficial Ownership Rule, we have a municipality that wants to open an escrow account for a business. The business is an LLC, but the municipality is in charge of the funds. For BSA purposes, do we need to obtain all the normal documents for the LLC including all info on owners? How in depth do we need to dig for this? In this case the LLC is not an existing customer of the bank.
Is the bank required to get two forms of I.D. for a signer on an account?
Can we make the Reg CC inflation changes early?
Who would be the beneficiary on a representative payee account when the owner dies? Since a POD can't be named on the account what do we do with the funds in the account, and can the next of kin close the account with a death certificate in Oklahoma?
Customer of credit union removed his attorney-in-fact from having this designation on his account. Three years later he went to the credit union and verbally asked to make sure that the AIF was "off" his accounts in every way. Two years later the ex-AIF presented a customer service request document adding herself as beneficiary. If this is a forgery as claimed, it appears to bear a good one of customer's signature. Is credit union liable for now having paid her as beneficiary?