Many of the inherited IRAs have missed distributions due to the delayed release of the regulations. During this program, we will review what are the rules for inheriting an IRA and distributing to the beneficiaries.
During this program we will go over 40 ownership types for new accounts. We will cover disclosures, customer identification programs (CIP), customer due diligence (CDD), documentation, and beneficial ownership.
On January 28, 2022, the FDIC published a final rule to simplify, effective April 1, 2024, its deposit insurance regulations by establishing a “trust accounts” category that governs coverage of deposits of both revocable trusts and irrevocable trusts
Who banks on smart phones? Your bank’s customers. Who uses P2P payments with vendor apps like Zelle and CashApp? Your bank’s customers. Who is paying more and more and more claims from these transactions? Your bank.
Sweeps, contests and lotteries are really part of advertising, right? Yes – these are typically used to promote various bank products and services but they are a special subset of the broader “advertising” requirements.
Your bank or credit union expects tellers and others who handle checks for the institution to do so accurately, efficiently, and carefully. You also expect those checks to be handled with minimal risk of losses.
There is a regulatory expectation to perform customer due diligence (CDD) on all high risk customers such as independent ATM owners, non-profit organizations (NPOs) and politically exposed persons (PEPs).