Attorney Paymaster Services from a California Attorney

What the attorney does

Many trades connect a buyer and seller through mandates, facilitators and brokers, each expecting a commission. The firm is retained by its client, usually the beneficiary who is to be paid, under a written Paymaster Agreement. The paying party wires the funds into the firm's IOLTA client trust account, and the firm pays each beneficiary by wire according to the signed instructions.

Who uses an attorney paymaster

• Brokers and intermediaries who want their commission paid through a lawyer's trust account under a written agreement.
• Sellers who must pay several commissions and want one documented payout.
• Companies abroad that need a U.S. attorney to receive and distribute U.S. dollar payments.

How it works

1. Call or write to the attorney. Describe the transaction. Bahram Madaen confirms whether the firm can help and quotes the fee.
2. Open your secure client account. Register, confirm your email and turn on two-step sign in.
3. Complete the Client Information Sheet. The online Know Your Client questionnaire, plus identification and tax forms uploaded in the portal.
4. Sign the Paymaster Agreement online. The written agreement sets out who pays, who is paid and when.
5. Funds received and paid. After wire instructions are confirmed by telephone, funds arrive in the client trust account and are paid out by wire according to the signed instructions.

What the firm does not do

The firm's role is limited and is set out in the written agreement. The firm:

• does not guarantee that any transaction will close or that any party will perform;
• does not inspect, value or certify goods, commodities or digital assets;
• does not operate as an escrow company, bank, money transmitter or currency exchange;
• does not buy, sell, hold or transfer cryptocurrency for clients;
• does not give investment advice.

Compliance on every engagement

Federal law requires the firm and its bank to know who is sending and receiving funds. On every engagement the firm:

• verifies the identity of each individual and the owners and controlling persons of each company;
• collects IRS Form W-9 or W-8BEN / W-8BEN-E;
• screens all parties against U.S. Treasury (OFAC) sanctions lists;
• asks about the source of funds and the purpose of the transaction;
• declines or ends any engagement where documents do not match, a party will not identify itself, or the facts suggest fraud or another unlawful purpose.