Answer:
The Internal Revenue code, not BSA, requires the execution of the W-9 or the W8-BEN in appropriate circumstances. The form is simply irrelevant to wire transfers.
First published on BankersOnline.com 11/27/06
PUPID Wire Transfer
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Question:
Have you heard of a financial institution requiring the beneficiary of a PUPID wire transfer (a non-customer) to complete a form W9 (Request for TIN and Certification) or W8-BEN. I understand the necessity of positively identifying the recipient of the funds but the use of this form seems unusual? I’ve done a little research and cannot find any other references or guidance recommending this. Am I missing something?
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