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Is my customer hiding money

Question: 
Why are examiners upset when my customer uses a personal account for business purposes?
Answer: 

In section F of the appendix to the FFIEC BSA Examination Manual is this sentence.
• Customer uses a personal account for business purposes.
Small business run through personal accounts operate in cash and can be used to hide money from the IRS. There are also compliance issues such as inaccurate disclosure when the account is not used for the stated purpose.
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First published on 09/23/2018

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