Why is it important for me to take an effort to maintain the bank account?
by hunison | Jun 1, 2020 |
- You are advised to visit your banker when you have a chance to visit the US in the future. Visiting your banker is a good business practice. It also provide a chance for your banker to get to know you in person (KYC), discuss your business needs (KYCC) and the future of your business (KYB.)
- In addition, you are advised to contact your banker first if you plan to transfer or transact an unusually large amount of fund or to perform unusually numerous transactions in the amount between $6,000 to $9,900. Unusually large fund transfers are also not encouraged unless it is for capital investments or long term financial investments with the bank. Deliberate efforts to circumvent the $10,000 reporting rule will be deemed suspicious.
- Please be advised that not using your bank account properly may result in bank’s termination of your account.
- In most cases, if you engage in legitimate business and use your bank account the normal way a legitimate business would require, you should not have to worry too much.
- In addition, our quarterly compliance review will lay out things that you may want to pay attention to. We provide an extra layer of peace of mind for you. Please contact us anytime if you have questions regarding maintaining a good standing with your bank account or if you run into any issue.
