How should a bank verify the identity of a partnership that opens a new account when there are no documents or non-documentary methods that will establish the identity of the partnership?
A bank opening an account for such a partnership must undertake additional verification by obtaining information about the identity of any individual with authority or control over the partnership account, in order to verify the partnerships identity, as described in 31 C.F.R. 103.121(b)(2)(ii)(C). (January 2004) 5. How should a bank verify the identity of a sole proprietorship that opens a new account, (such as an account titled in the name of an individual doing business as a sole proprietorship) when there are no documents or non-documentary methods that will establish the identity of the sole proprietorship? In some states, sole proprietorships are required to file fictitious or assumed name certificates. Banks may choose to use these certificates as a means to verify the identity of a sole proprietorship, if appropriate. However, when there are no documents or non-documentary methods that will establish the identity of the sole proprietorship, the bank must undertake additional ve
Related Questions
- How should a bank verify the identity of a partnership that opens a new account when there are no documents or non-documentary methods that will establish the identity of the partnership?
- Can a bank keep copies of documents provided to verify a customers identity, in addition to the description required under 31 C.F.R. 103.121(b)(3)(i)(B), even if it is not required to do so?
- Why are students who opt to open a HigherOne account required to verify their identity?
