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Will my firm violate Bylaw 1101 if it accepts third party checks for deposit into a customer's account?

It depends on the circumstances. For example, if you receive checks from several individuals for the same account, the person whose name is on the account may be acting as an unregistered FCM or CPO. Before accepting a third party check for a customer account, you should carefully review the reason for the deposit, ask why the account is receiving a third party check, and assess the relationship between the parties. If you accept the deposit, you should document both the reason for accepting it and the steps you took to investigate the situation.

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