FinCEN says that “Banks specifically are expected to “obtain information at account opening sufficient to develop an understanding of normal and expected activity for the customer’s occupation or business operations.” In short, to understand the typ
Websites are not a secondary means of advertising or information delivery. Risks are increasing as banks increase the functionality of their sites and customers go to their web addresses more than their branches.
When your account holder's name does not match for IRS purposes, you are sent a CP2100 and your financial institution has to being the B notice process and often times backup withholding on your customer. This is time consuming and expensive.
So many “rules.” And piles of policies combined with an endless list of procedures, many of which don’t seem to make sense or seem like overkill. Is it really necessary to follow them all? Yes, actually it is. What you may not understand is why.