BSA, IRS tax forms, Know Your Customer

Answered by:

Question:

We have a customer that is a US citizen and resides in the US. He is employed by a company in Australia and the company is doing business in Arkansas, It is a lithium battery business. The people associated with it are Australian citizens, with no U.S. tax IDs. What do we need to be in compliance with BSA if we do open accounts for them?

Answer:

Follow your board approved CIP procedures. If you do not have procedures for non-US persons, you need to start there and get them board approved before opening any accounts. CIP requirements for non-US persons can be found here: https://www.bankersonline.com/regulations/31-1020-220