Controlling Parties
What are the only 2 acceptable titles for a controlling party/acct initiator when opening an acct for an LLC?
Member or Manager
What documentation is required to open an acct for a DBA?
Fictitious Name Registration or LP approval
What are three of the common BBKYC initial errors?
No docs attached/no evidence of site visit/initiator not listed on docs/missing state validation/not executed/material name difference/CDD form error/CDD service browser error
How many days do we have after a trigger event to scan the CDD form before it is considered missing?
2 days
When would registered agent be an appropriate title for a controlling party/account initiator?
Never
If a single member LLC does not have an operating agreement, what document can we use instead?
PNC Certificate in Lieu of
What is the PGA Market goal for BBKYC Initial Errors?
15%
What are two examples of trigger events for CDDs?
New DDA, TM, Merchant, entity name change, owner name change, foreign address change, change of ownership
Which of the following is an acceptable title for the controlling party/acct initiator of a Corporation?
Organizer/Incorporator/Consultant/Director/Authorized Rep/Director
When reviewing an operating agreement what should we be looking for in terms of management?
Member-Managed vs Manager Managed
What is the timeline from the day that the initial error is received to make the needed correction before the error becomes final and acct closure is submitted?
30 days
If there is an existing missing CDD Criss case and we have another event for the client, how many times would we need to submit the CDD form?
2 -once for the missing CDD cross case and once for the new trigger event
How many controlling parties can be listed on the CDD form?
Only one is acceptable
How current do meeting minutes have to be for PNC to accept as KYC documentation
Less than 1 year old
What is the only acceptable file type for documents to be attached to Genesis?
If we need to rescan the CDD multiple times to clear multiple missing CDD cases, when should we submit the multiple scans?
One per Day until CRISS CASE clears
The controlling party/account initiator must be able to provide KYC docs for anyone owning more than what % of the company?
25%
Will PNC open an account for a Series LLC?
No
What does executed mean?
Signed & Dated
What is the best practice for scanning CDDs related to small business credit cards (cash reward, points, travel)?
Scan once the card is approved