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#1917322 - 04/24/14 06:41 PM LLC Members
newbank Offline
Member
Joined: Dec 2007
Posts: 78
We have opened LLC account and LLC has 20 members. Not all 20 members are authorized signers on the account. Do we still need to obtain rest of all members' information (CIP)?
how about on the LLC resolution? Are we required to get all members signature on the LLC resolution?
Thanks.

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Operations Compliance
#1917359 - 04/24/14 07:25 PM Re: LLC Members newbank
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Rest of members' info? -- Depends on your bank's CIP requirements.

I see no need for all the members to sign the resolution.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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#1917386 - 04/24/14 08:11 PM Re: LLC Members newbank
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
My experience with many-membered LLCs is that the agreement names a small number of "managing members" (or similar designation), who are authorized to handle money, open bank accounts, etc. If your customer's agreement has such a provision, then those will likely be the members that you will want to sign the resolution.

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#1917399 - 04/24/14 08:27 PM Re: LLC Members newbank
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
And you need the LLC organization docs to know this. My bank asked for mine!
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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