Answer:
Unless a business will be conducted by the trust, I would not consider it a business for purposes of Regulation GG.
First published on BankersOnline.com 1/7/13
Treat Irrevocable Trust Like Business? (Reg GG)
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Question:
A revocable or irrevocable trust account is considered as non-personal when we open that account. Is it considered a BUSINESS account for compliance purposes e.g. are we required to hand out Reg GG disclosure or profile a customer like we profile our business customers.
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