Opening New Accounts: Documentation and Compliance Requirements – 3 Part Series
This is a three-part series to be held on November 1, 2, and 3. The prices below include all sessions. Each session can also be attended individually by clicking on the links below.
- Opening New Accounts: Part I Personal/Consumer Accounts
- November 1, 2023, 10:00 am CST
This two-hour workshop focuses on the risks, procedures, best practices, and compliance requirements for opening Personal and Consumer Accounts.
What You’ll Learn
- Managing Risk For the Financial Institution
- How to Avoid Litigation, Regulatory Fines, and Damage to Your FI’s Reputation
- 6-Step Account Opening Process
- TIN Certification (W9 & W8-BEN)
- Different Types of Accounts
- Account Ownership and Access During Lifetime and After Death
- Opening New Accounts: Part II Business Accounts
- November 2, 2023, 10:00 am CST
This two-hour webinar examines the documentation requirements on business entities available in most states and clarifies how to identify who has the authority to open and transact on behalf of the entity.
What You’ll Learn
- Business Account Documentation
- Resolutions – Purpose and Proper Completion
- Business Taxation Options
- Types of Businesses
- Determining LLC Business and Tax Classification
- Ownership and Access of Accounts During Lifetime and After Death
- Beneficial Ownership Due Diligence Requirements
- Documenting Complicated Business Structures
- Opening New Accounts: Part III Opening New Accounts Part III: Trust and Fiduc
- November 3, 2023, 10:00 am CST
This two-hour webinar will discuss the responsibilities of collecting appropriate documentation, providing ownership options, titling accounts, and allowing proper access to Revocable Living Trusts, Fiduciary, Court Ordered, and Minor accounts not only during the lifetime, but at the death of a signer as well.
- Defining Trustee, Personal Representative, and a Fiduciary’s Roles and Responsibilities
- Proper Account Titling
- Formal vs. Informal Trust Comparison
- Key Questions to Ask When Setting Up Trust Accounts
- Six Pieces of Required Information for All Trust Accounts
- Revocable and Irrevocable Trust Accounts Comparison
- Payable on Death (POD)
- Different Types of Accounts, Including Minor Accounts, Estate Accounts, Guardianship/Conservator Accounts, Social Security
- Representative Payee Accounts, and Veteran’s Affairs Fiduciary Accounts
Who Should Attend?
Customer contact personnel, supervisors, and officers whose responsibilities include opening or managing new accounts. Personal Bankers, BSA Officers, Deposit Operations, Branch Administration, CIP Managers, Training and Business Development Officers, Internal Auditors, and Compliance Officers will find the information extremely beneficial. Lending assistants and officers will find the information informative, and at least 85% of this information also impacts the lending area.
With over 40 years of banking experience, Suzie Jones has a reputation as being extremely knowledgeable and high-energy with a unique ability to take technical information and make it interesting and applicable. After 22 years, Jones recently retired as an Executive Vice President from a large regional bank where she provided overall leadership and risk management to the $11B Investments Division. For decades Jones opened new accounts, managed new account teams, and provided hands-on input and leadership to the AML and BSA Committees within the bank. Jones has a passion for sharing technical knowledge and lessons learned to provide risk management and promote excellence in the workplace. She partners nationally with individual banks, credit unions, private companies, small boutique firms, and provides training for 13 state bank associations.
- Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts – $769
- Available Upgrades:
- 12 Months OnDemand Playback + $280
- 12 Months OnDemand Playback + CD + $370
- Additional Live Access + $225 per person