Source of Funds for a US Business: What US Banks Check for Russian Clients
Source of funds vs. source of wealth: two different questions
Bank compliance teams work with two related but distinct concepts. Source of funds is the origin of a specific sum moving through a specific transaction, say, a $200,000 wire into a new company's account. Source of wealth is the origin of a client's entire net worth: how the person built the fortune of which this transaction is...
US Bank Account for Foreigners: What Banks Really Ask
Why a foreigner needs a US bank account
For a foreigner who is building a business in the US, incorporating a Delaware C-Corp or an LLC, receiving payments from American counterparties, or paying expenses in dollars, a US bank account for foreigners often becomes a practical necessity. At the same time, the account-opening process is frequently described either too optimistically (“just show...