Whether you’re just starting your career or seeking to elevate your expertise, this session is designed to empower financial services professionals at all levels. Don’t miss this opportunity to become a trusted advisor to your customers by mastering the essential skills in opening new accounts. Whether you’re handling simple consumer accounts or navigating the complexities of business and trust accounts, this course will give you the confidence to excel.
We’ve broken down the most essential elements of account opening into three engaging and highly informative sessions. Each session focuses on key aspects of opening new accounts, ensuring that you are fully prepared to meet the needs of every customer.
The cutting-edge format for this comprehensive course is designed to keep you engaged through blended self-paced learning, combining the flexibility of independent study with the value of live, interactive sessions. You’ll start by diving into the coursework at your own pace – working through readings and quizzes whenever it suits you.
Once you’ve completed the self-paced portion of the course, you’ll join an exciting, instructor-led session where the material comes to life. Here, you’ll engage in group discussions, ask your burning questions, and explore the concepts in greater depth. Live attendance is a must to get the most out of this engaging training opportunity. Breakout rooms will not be recorded.
Included Webinars
Opening New Accounts Training Program: Regulatory Overview and Consumer Accounts
Opening New Accounts Training Program: Business Accounts
Opening New Accounts Training Program: Trusts and Fiduciary
Series Details
Opening New Accounts Training Program: Regulatory Overview and Consumer Accounts
This training provides a comprehensive overview of the regulations governing account openings, including the USA PATRIOT Act, KYC, BSA, AML, and FinCEN’s Beneficial Ownership requirements, along with FDIC insurance policies. You’ll also learn the Six Steps to Opening a New Account, covering customer identification, banking history validation, and OFAC compliance. Finally, dive into Consumer Account Ownership, exploring its impact on estate planning, the role of authorized signers, and Powers of Attorney. By the end, you’ll be prepared to open consumer accounts while adhering to regulatory standards.
Section 1 – Regulatory Overview
Key regulations: USA PATRIOT Act, CIP, CDD, KYC, BSA, AML
FinCEN Beneficial Ownership Rules
FDIC insurance and disclosure requirements
Section 2 – Six Steps to Opening a New Account
Identify and verify customers with proper ID
Use correct account titling and verify banking history
Obtain the proper TIN and validate against OFAC lists
Provide required regulatory disclosures
Part 3 – Consumer Account Ownership – Authorized Signers and Power of Attorneys
Account ownership options and their impact on estate planning
Adding authorized signers and understanding their role
Powers of Attorney: roles and purpose
Opening New Accounts Training Program: Business Accounts
This training equips you to confidently handle business account openings, from simple sole proprietorships to complex corporate structures. You’ll explore Business Structures, Taxation, and Proper TIN, understanding why owners choose specific structures, how taxation impacts TIN requirements, and when to use SSNs versus EINs. Learn about Essential Business Documents, including external and internal documentation, resolutions, and signature cards. Progress from opening Basic Business Accounts, like sole proprietorships and non-profits, to managing Complicated Business Accounts, such as LLPs, LLCs, and corporations. Finally, tackle Advanced Business Topics, including multi-layered businesses and verifying Beneficial Ownership (BO).
Section 1: Business Structures, Taxation, and Proper TIN
Overview of business structures: sole proprietorships, LLCs, corporations, and more
Why business owners choose specific structures and their impact on liability
Taxation’s role in determining TIN requirements (SSNs vs. EINs)
Section 2: Essential Business Documents
Formation at the county/state level and verification methods
Importance of good standing certificates and EIN IRS letters
Required documents for foreign entities and DBAs
Updating ownership changes and executing resolutions properly
Risks of missing resolutions or signature cards
Section 3: Basic Business Accounts
Opening accounts for sole proprietorships, partnerships, and non-profits
Managing IOLTA accounts and public funds
Section 4: Complicated Business Accounts
Handling LLPs, LLLPs, LLCs, and corporate accounts
Managing accounts after the death of owners or signers
Section 5: Advanced Business Topics
Documenting multi-layered business structures
Verifying Beneficial Ownership (BO) for complex organizations
Opening New Accounts Training Program: Trusts and Fiduciary
This training enhances your expertise in managing Fiduciary and Trust Accounts, covering everything from court-ordered guardianships, conservatorships, and estate accounts to voluntary fiduciaries like Social Security Rep Payee and Veterans Affairs Fiduciaries. You’ll learn how to handle signers on court-controlled accounts and explore the benefits of UTMA accounts for minors. For Trust Accounts, gain a deep understanding of formal and informal trusts, revocable vs. irrevocable trusts, and the necessary documentation. Stay updated with the 2024 FDIC Trust Account Rules to ensure compliance and precision in meeting customer needs.
Section 1: Fiduciary Accounts
Court-ordered accounts: guardianships, conservatorships, and estates
Authority and control of court orders in fiduciary accounts
Adding or removing signers on court-ordered accounts
Voluntary fiduciaries: Social Security Rep Payee and Veterans Affairs Fiduciary
Opening UTMA accounts for minors
Section 2: Trust Accounts
Benefits of trusts and their three key parties
Formal vs. informal trusts and revocable vs. irrevocable trusts
Proper trust documentation: when the full trust agreement is needed
Living trusts and their popularity
Testamentary trusts: purpose and role
Overview of the 2024 FDIC Trust Account Rules
Why This Training?
Comprehensive Foundation: Provides essential knowledge of regulatory, compliance, and documentation requirements for opening new accounts.
Regulatory Expertise: Covers critical regulations like KYC, BSA, AML, and the USA PATRIOT Act to ensure compliance and risk management.
Practical Skills: Equips participants to confidently handle consumer, business, and fiduciary accounts, including complex structures.
Interactive Learning: Combines self-paced study with live sessions for hands-on experience and real-world application.
Career Boost: Empowers beginners to deliver exceptional customer service and excel as trusted advisors in financial services.
Who Should Attend
This session is ideal for anyone responsible for customer-facing roles, particularly those involved in new accounts, customer service, and compliance. This includes tellers, personal bankers, account managers, branch managers, and compliance officers. Additionally, any staff responsible for opening and verifying new accounts, handling customer documentation, or ensuring regulatory compliance with rules such as KYC, CIP, and AML would benefit significantly from this training.
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