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Posted by Fred Williams on October 21, 2006, 6:52 pm
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>> By "having a payment processing company" do you mean you are
>> accepting wire transfers and forwarding the funds to a third
>> party? Banks have reporting requirements on wire transfers
>> from certain foreign countries.
> Yes! When i opened the account about 3 years ago I told the
> bank what the business does and they were fine with it and
> they told me since the funds are being wired to China it is
> not one of the countries that are being "watched".
Under certain circumstances the bank may be liable for
fraudulent activities even though you are just the
intermediary (somewhat like a credit card processor). If
the business is important I would provide the requested
documentation and background on the ultimate beneficiary of
the funds. Sorry, I don't specific information about bank
supervision and regulatory oversight on China businesses.
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