Paymaster Services for Large Currency Payments
When a large payment must be received and divided among several beneficiaries, in the United States or abroad, the firm can receive it into its client trust account and pay each beneficiary under a signed agreement.
What the firm handles
Incoming U.S. dollar wires connected to a transaction in which the firm represents a client, paid out by wire to each beneficiary named in the signed instructions.
What the firm does not do
The firm is a law office, not a bank, money transmitter or currency exchange. It does not exchange currencies, set exchange rates, send money for the public or give investment advice.
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.
How it works
- Call or write to the attorney. Describe the transaction. Bahram Madaen confirms whether the firm can help and quotes the fee.
- Open your secure client account. Register, confirm your email and turn on two-step sign in.
- Complete the Client Information Sheet. The online Know Your Client questionnaire, plus identification and tax forms uploaded in the portal.
- Sign the Paymaster Agreement online. The written agreement sets out who pays, who is paid and when.
- 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.
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.
Discuss your transaction with the attorney
Call or write to Bahram Madaen. Fees quoted per transaction. Please contact Bahram Madaen directly for a price. Every fee is set out in a written agreement before any funds are received.