I am in the process of exempting a business as a Phase II Customer. It is a local grocery store that is a registered MSB (due to cashing checks over $1,000). Can an MSB be exempt under Phase II? I have been told by an examiner that yes they can, but then I have been told by a rep from FinCEN that no they can not. Also, if they can be exempt, what forms besides the BSA Exemption Review Form do I need to obtain? We only have one other Phase II Exemption who also provided their P&L's. This business, however, is not willing to provide this information. I have weighed out if it would just be easier to go ahead and continue filing CTR'son this business, but with at least 4 CTR's per week, it would be better to exempt.
If a customer doesn't opt in and continues to have debit transactions that overdraw an account what is the bank’s course of action with this customer?
On a sole proprietor, does the IRS prefer SSN or EIN?
Is the new beneficial ownership form on the account level or the customer level?
In order to make sure the Originator doesn't continue to debit the customer, we would need to place a stop payment on an item. We require stop-payment orders to be signed within 14 days of an oral notification in the instance of a preauthorized transfer. But since this scenario is for unauthorized transfers, would it be a violation to require the customer to sign the stop-payment order to prevent additional unauthorized ACH's from debiting their account? Would it be a violation to not obtain their signature and stop the transactions without it?