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Documents You Need Before a Paymaster Can Receive Funds
The most common cause of a delayed paymaster transaction is missing paperwork. U.S. banks are required to know who is behind every large wire, and an attorney cannot accept funds without the same information. Preparing these documents early keeps your deal on schedule.
The checklist
- The transaction contract or written instructions that show what the money is for and how it should be paid out.
- The paymaster fee agreement, signed by the party engaging the paymaster.
- Government issued identification for each individual involved: a driver's license or passport.
- Company documents for each business: formation documents, a list of owners and managers, and proof of who is authorized to sign.
- IRS Form W-9 for each U.S. citizen, resident or company.
- IRS Form W-8BEN (individuals) or W-8BEN-E (entities) for each foreign party.
- Bank details for every beneficiary, with the account name matching the beneficiary's legal name.
- Source of funds information for the party sending the money.
Why all of this is required
Federal anti money laundering rules require banks to verify customers and report suspicious activity. Legal entities can be used to hide the real people behind a transaction, so banks and attorneys ask who owns and controls each company. These checks protect every honest party to the deal.
How funds are sent
We accept funds only by bank wire transfer. We do not accept cash, personal checks or money orders.
Ready to start? Contact us and we will send you the fee agreement and a document list tailored to your transaction.
This article is general information, not legal advice for your situation. Reading it does not create an attorney client relationship.
Planning a transaction?
Fees quoted per transaction. Contact Bahram Madaen directly for a price.
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