Most Popular Operations Content
Club Accounts Ownership - Louisiana
05/04/2025
I have seen multiple banks offer Christmas Club accounts, but only allow one owner on the account. When i used to open accounts this was the only way were taught how to open them. At my new instituton they allow multiple owner(s)/signer(s) on these accounts. Is there a specific reason the bank should only allow one owner per account?
Invalid ID on CTR
05/04/2025
We filed over 200 CTRs on a business and the form of identification we used for the transactor is a TVDL (a Temporary Vistor's Driver's License for non-citizens of the United States who have been granted temporary, legal entry into this country and are temporarily residing in the State of Illinois and ineligible for a Social Security number). According to FinCEN you cannot take a TVDL as identification. However, they do not indicate if the TVDL restriction is on a transactor. I created a ticket with FinCEN asking if I needed to amend the CTRs when the improper identification was used for a transactor. They sent the XML Schema 2.0 User Guide. The guide is not very helpful because the transmission was not rejected or filed with warnings. Has anyone had this happen? If so, did you amend the CTR based on the identification of the transactor? Any help would be very appreciated.
Notice workflows
05/04/2025
What are notice workflows?
Notices and exception reports
05/04/2025
Why are exception reports important for notice preparation?
Responding to Verification of Assets requests
04/27/2025
Do banks have a legal obligation to respond to verification of assets for Medicare or public housing? If so, is there a hard and fast rule for a response timeframe. We try to respond timely out of courtesy for our customer base, but the requesters have become increasingly aggressive and pushing for immediate responses. Due to the volume of requests and our limited staff, it is difficult to fulfill all of them the same day that they are received.