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Using personal accounts for business purposes? Is that bad?

Answered by: 

Question: 
If our customer uses a personal account to run a business is this a problem?
Answer: 

Yes it is listed as a red flag for money laundering in the BSA exam manual. Plus you may have not given proper disclosures and terms and conditions for business account. So let BSA know when you see it and your BSA team can take it from there.

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Learn more about Deborah Crawford’s

BSA Red Flags for Money Laundering—Staff Training webinar

First published on 03/14/2021

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