TOPIC: Business Accounts

EIN Numbers and Ownership

Manager at a credit_union ($291MUSA)
Good afternoon, 

Does anyone know if there are any organizations that a sub organization can use the main organizations EIN number?  If so, what if any paperwork do you require? 
Our example is Girl Scouts, the local troops have permission from the head of Girls Scouts to use their EIN number.  

We have several business accounts where the business is opening an account under the umbrella of a larger organization but when we run the EIN number through the IRS TIN Matching Website the name doesn't match the EIN.  As an example, the sub organization opening the account is called "ABC's teacher's" but when we run the EIN number through the TIN Matching website the name comes up as "American Teachers Association".  We are trying to prevent a B-Notice from the IRS on these accounts. 

I appreciate any assistance you can give me on this. 

Thank you, 
Tonya Doxey 
tdoxey@oleanareafcu.com
Compliance Manager

    Whitepaper: How Digital Lending Solutions for SMBs Can Increase Efficiency and Maximize Profitability

    When considering the viability of the small business lending market, banks and credit unions often struggle to deliver these all-important loans quickly, conveniently and profitably. Among the hurdles are legacy core technology limitations, budget shortages and regulatory concerns. Our latest whitepaper addresses these hurdles and provides recommendations for institutions not only to navigate the barriers, but also to implement a digital lending solution for increased efficiency and maximized profitability. 

    To learn more, visit our newly-launched website: http://www.akoubacredit.com

      Guardian Analytics

      Manager at a bank ($488MUSA)
      Do any of you also use Guardian Analytics for Business Online & ACH anomaly detection? We're in the early stages of implementation and data gathering, but I was hoping some more seasoned users would be willing to share their daily process and what you look for/review. Thanks in advance!

        Banking CBD/Hemp oil customers in Ohio

        Employee at a bank ($283MUSA)
        I am looking for some guidance on banking customers who sell CBD oil in Ohio.  Is anyone willing to share their procedures on how they are handling this type of customer? What documentation do you require? Do you do onsite visit of the business? If so, is there a document that you use that you are willing to share? Do you file a SAR?

          Infographic - Marijuana-Related Businesses The Risks & Rewards of Banking a Growing Industry

          Marijuana-Related Businesses
          The Risks & Rewards of Banking a Growing Industry

          Download now: https://verafin.com/resource/marijuana-related-businesses/?src=cbanc

          Marijuana-related businesses (MRBs) have been receiving a lot of attention lately. This growing industry is already worth $7 Billion in the U.S., with that number projected to more than quadruple over the next 8 years, creating many questions for financial institutions around banking MRBs.

          This infographic provides a handy introduction to the world of MRBs, quickly mapping marijuana law by state, examining the number of businesses that have been flagged as MRBs in the Verafin Cloud to date, and offering insight into identifying and assessing compliance risk related to MRBs.

          Download now: https://verafin.com/resource/marijuana-related-businesses/?src=cbanc

          Blob

            Nonbank Financial Institutions - NBFIs

            SVP at a bank ($3.3BUSA)

            Looking to see what others do relative to banking independent loan/finance companies that provide lending services to customers of the independent finance customer. Lately, our bank has been opening several accounts for independent lending companies that provide lending services to help individuals purchase residential real estate for investment purposes or for the real estate to be rehabbed and "flipped." According to FinCEN guidance, these type of companies are considered to be an NBFI and are required to have an AML program in place.

            Our question is, what are other banks doing? Are you asking and requiring these types of customers to provide evidence that they have an AML program in place?

            If anyone has an opinion or comments, please share...

              BSA/AML Compliance, Fraud Detection & High-Risk Customer Management - Join us on Feb. 27

              A Consolidated Solution to Fight Financial Crime
              February 27 at 12:30 PM - 01:30 PM EST

              Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management-2/?src=cbanc

              Today’s criminals do not limit their illicit activities to a single financial institution. More and more, multiple institutions are targeted for increasingly complex financial crimes. As these criminals evolve, traditional approaches to combat crime are largely ineffective.

              Single institutions with siloed departments lack the visibility necessary to see the bigger picture, often seeing only a very small component of the crime within their data. These isolated teams often deploy point solutions that use broad rules in an attempt to catch suspicious or fraudulent activity – an approach that perpetuates the industry-wide problem of false positives. The solution? Working together to fight crime, in the same way criminals work together to exploit victims and institutions.

              So, why choose Verafin?

              Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

              • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customer Due Diligence Questionnaire, high-risk customer identification analytics, stratified risk-models for high-risk customers and automated risk-reviews.
              • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
              • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
              • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.
              • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.

              Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management-2/?src=cbanc

              Blob

                5 Things Banks Should Know about Email Marketing

                According to a 2017 Econsultancy report (from thefinancialbrand.com, "10 Essential Email Marketing Insights for Banks & Credit Unions"), marketers rate email as a tactic that has one of the highest returns on investment. This can be true when email marketing is done right. But when done wrong, the consequences can be bad (and even ugly!).

                LISTEN: To learn how businesses can successfully leverage email marketing, listen to this podcast from Bankers Healthcare Group listed at the bottom.

                DOWNLOAD: We’ve also summarized the five biggest takeaways from the episode in the attached doc.

                  Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses - Join us on Feb. 14

                  Webinar
                  February 14 at 12:30 PM - 01:30 PM EST
                  Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses

                  Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

                  In this digital age, vast amounts of compromised customer information from data breaches and fraud scams is readily available for purchase on the dark web. To further their illicit schemes, fraudsters can use your customer’s personal and financial information to create fictional or partially fabricated identities in an emerging trend known as synthetic identity fraud.

                  With combinations of fake and real identifying information, fraudsters use these synthetic identities to apply for new accounts, products or auto loans. Crime rings often utilize synthetic identities in large, ongoing financial fraud schemes, repeating these crimes at multiple institutions, exponentially increasing the potential for loss.

                  Join us as we discuss the challenges facing financial institutions when combatting synthetic identity fraud in various forms of financial crime, such as loan fraud, deposit fraud, electronic transfer fraud, and new account fraud.

                  In this presentation we will discuss:

                  • The scale of synthetic identity fraud and how it relates to other financial crimes
                  • Common ploys fraudsters use to commit synthetic identity fraud
                  • Challenges facing financial institutions to mitigate fraud losses involving synthetic identity fraud and other evasion methods
                  • Real-life examples of fraud schemes and crime rings employing synthetic identity fraud and related illicit activities
                  • Best practices and innovative approaches for fraud detection and investigation

                  Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

                  Blob

                    Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses - Join us on Feb. 14

                    Webinar
                    February 14 at 12:30 PM - 01:30 PM EST
                    Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses

                    Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

                    In this digital age, vast amounts of compromised customer information from data breaches and fraud scams is readily available for purchase on the dark web. To further their illicit schemes, fraudsters can use your customer’s personal and financial information to create fictional or partially fabricated identities in an emerging trend known as synthetic identity fraud.

                    With combinations of fake and real identifying information, fraudsters use these synthetic identities to apply for new accounts, products or auto loans. Crime rings often utilize synthetic identities in large, ongoing financial fraud schemes, repeating these crimes at multiple institutions, exponentially increasing the potential for loss.

                    Join us as we discuss the challenges facing financial institutions when combatting synthetic identity fraud in various forms of financial crime, such as loan fraud, deposit fraud, electronic transfer fraud, and new account fraud.

                    In this presentation we will discuss:

                    • The scale of synthetic identity fraud and how it relates to other financial crimes
                    • Common ploys fraudsters use to commit synthetic identity fraud
                    • Challenges facing financial institutions to mitigate fraud losses involving synthetic identity fraud and other evasion methods
                    • Real-life examples of fraud schemes and crime rings employing synthetic identity fraud and related illicit activities
                    • Best practices and innovative approaches for fraud detection and investigation

                    Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

                    Blob

                      Blog – FBI warns of BEC Fraud. Four key indicators and how to mitigate risk.

                      Business Email Compromise (BEC) Fraud
                      Four Key Indicators and Strategies for Mitigating Risk
                      July 12, 2017 (updated December 10, 2018)

                      Read now: https://verafin.com/2018/12/business-email-compromise-bec-fraud/?src=cbanc

                      Business Email Compromise (BEC) has become a big earner in the criminal world and a serious fraud threat for financial institutions (FIs) and their corporate customers.

                      It is a threat serious enough to prompt the FBI to release multiple updated Public Service Announcements (PSAs) regarding the continued growth and evolution of the crime, most recently in July 2018.

                      BEC is a fraud scam that targets businesses, ranging from small to large corporations. As it has evolved, it has taken on numerous forms. However, it typically involves a criminal either accessing or mimicking the email account of a high-ranking official at the business to instruct another member of the company to initiate a large transfer of funds, via wire, to an overseas location.

                      For criminal organizations, BEC translates into big money for comparatively little work. As long as the potential exists to defraud your business customers, criminals will continue to evolve their techniques to avoid detection, and maximize their profits.

                      However, by knowing the key indicators and having strategies in place to combat the crime, you can protect your customers from the potentially devastating impact of BEC.

                      Read the complete blog, including 4 key indicators and strategies to mitigate risk:
                      https://verafin.com/2018/12/business-email-compromise-bec-fraud/?src=cbanc

                      Blob

                        Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses - Join us on Feb. 14

                        Webinar
                        February 14 at 12:30 PM - 01:30 PM EST
                        Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses

                        Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

                        In this digital age, vast amounts of compromised customer information from data breaches and fraud scams is readily available for purchase on the dark web. To further their illicit schemes, fraudsters can use your customer’s personal and financial information to create fictional or partially fabricated identities in an emerging trend known as synthetic identity fraud.

                        With combinations of fake and real identifying information, fraudsters use these synthetic identities to apply for new accounts, products or auto loans. Crime rings often utilize synthetic identities in large, ongoing financial fraud schemes, repeating these crimes at multiple institutions, exponentially increasing the potential for loss.

                        Join us as we discuss the challenges facing financial institutions when combatting synthetic identity fraud in various forms of financial crime, such as loan fraud, deposit fraud, electronic transfer fraud, and new account fraud.

                        In this presentation we will discuss:

                        • The scale of synthetic identity fraud and how it relates to other financial crimes
                        • Common ploys fraudsters use to commit synthetic identity fraud
                        • Challenges facing financial institutions to mitigate fraud losses involving synthetic identity fraud and other evasion methods
                        • Real-life examples of fraud schemes and crime rings employing synthetic identity fraud and related illicit activities
                        • Best practices and innovative approaches for fraud detection and investigation

                        Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

                        Blob