How Many Bank Accounts Can a Person Open?

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The number of bank accounts a person can open is unlimited as long as the money in each and every account can be accounted for in a legal manner. Find out how Homeland Security Anti-Money Laundering laws have changed the way people are able to open bank accounts with information from a registered financial consultant in this free video on bank accounts.

Part of the Video Series: Personal Finances & Money Management
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Video Transcript

This is Financial Adviser Patrick Munro talking about, "How many bank accounts can one individual open?" It's an excellent question and it has various answers and there are some government interventions that have come into play recently. But basically one individual can open up a series of bank accounts personally and then if they wish to incorporate a business, they can open up a bank account for each business that they do have, as long as there's enough money in each and every bank account. What happens though under Homeland Security guidelines, there are laws now that exist with financial institution called Anti-Money Laundering laws. All financial advisers including myself have taken AML training, Anti-Money Laundering Training which allows for you to get a documentation from an existing client as to where the source of their funds came from and where the funds are going to. If there's too many moving parts to that particular flow of money, then of course we have an obligation to let the Homeland Security folks know about that. So that is the provisal to how many accounts can one individual have. This is Financial Adviser Patrick Munro.

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