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Request/Document the Purpose of Wire Activity

Are there any compliance regulations that require a bank to request and document the purpose of wire activity?

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 10/8/12

First published on 10/08/2012

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Filed under compliance as: 
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