23 CAR § 320-701. Identification requirements for the transfer or closure of pay on death deposit accounts

(a) Arkansas Code § 23-47-204(e)(4) states: "The State Bank Department shall promulgate rules that set out procedures a bank may take before transferring ownership of a deposit account, closing a deposit account, and distributing the proceeds to a person designated by the account documents as a beneficiary." (b) Before ownership of a deposit account is transferred or a pay on death account is closed and the funds disbursed, a bank may require: (1) For pay on death accounts, legal evidence of the death of all other account holders; and (2) Identification from each designated beneficiary. (c) If a designated beneficiary is a non-natural person, the bank may require: (1) The non-natural person to provide proof of legal existence and/or good standing as an entity; and (2) Individuals representing the non-natural person to provide: (A) Identification; and (B) Evidence demonstrating their authority to collect the account on the non-natural person's behalf.