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We recently discovered that an authorized signer on one of our business customer’s accounts is a felon and will have to serve several years in jail. Should we notify the account owner or take any other action? Should we pretend we don’t know? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

We recently discovered that an authorized signer on one of our business customer’s accounts is a felon and will have to serve several years in jail. Should we notify the account owner or take any other action? Should we pretend we don’t know?

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In our view, you should not take any action with respect to your information that the authorized signer is a felon. Generally speaking, federal and state laws do not prevent a felon (even one in prison) from being an authorized signer on a bank account, and we believe it would be prudent for a variety of reasons to refrain from initiating a discussion of the individual’s criminal history and prison sentence with the account owner.