Answer by Randy Carey: That require it? - No
Answer by Ken Golliher: It would purely be a function of your bank's due diligence efforts; i.e. an attempt on your part to familiarize yourself with your customer's business operations. Asking for the "purpose" of a wire is one thing. "Documenting" the purpose of the wire takes things to a whole new level and should be based on some bona fide concerns on your part.
First published on BankersOnline.com 10/8/12