TOPIC: Deposit 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

    CALIFORNIA SMALL ESTATE AFFIDAVIT

    SVP at a bank ($96.1BUSA)
    Under CA Probate Code 13100 et seq., if the decedent died in Michigan but the account is in California and there is no probate, presumably we can accept a California Small Estate Affidavit, in that the Code is concerned with the location of the property not the decedent. Would you agree?

      Looking for insight on Gro for Online Account Opening

      VP at a bank ($789MUSA)
      We are evaluating new online account opening because we are pretty dissatisfied with our Core. We talked with Gro, but I would like to hear from others on their experience. Any problems using Gro or with support since the Q2 acquisition? I am open to both banks and credit union insights! Thank you!

        Non-IOLTA Client Trust Accounts

        AVP at a bank ($1.1BUSA)

        What are other Banks requiring when opening up non-IOLTA client trust accounts?

        I have reviewed our state law regarding non-IOLTA client trust accounts with regards to how the Lawyer is to setup the account. We are obtaining business documentation for the Lawyer/Entity, W9 Certification for the owner of the funds, and in some instances, the Lawyer's provide some form of directive from the firm to confirm the account setup. With the exception of the directive regarding the opening of account, the accounts are being opened within State guidelines.

        Is this more of a Bank New Account policy rather than a state or Federal Guideline (have not been able to locate anything)?

        Any thoughts would be greatly appreciated. Thank you,

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

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          February 27 at 12:30 PM - 01:30 PM EST

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          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.

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

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            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.

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              Regulatory Compliance To-Do List: Q4 2018

              For those of you who may have missed our Q4 Regulatory Compliance Update, we've put together a to-do list of the most timely, important things to consider as you kick off 2019! Download the checklist now and keep an eye out for registration details for our next Regulatory Compliance Update on January 22nd! http://www.pkm.com/resource/regulatory-compliance-to-do-list-q4-2018/

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                BSA/AML Compliance, Fraud Detection & High-Risk Customer Management

                A Consolidated Solution to Fight Financial Crime
                January 09 at 12:30 PM - 01:30 PM EST

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

                Blob