Live attendance is a must to get the most out of this engaging training opportunity. Breakout rooms will not be recorded. Space is limited to 30 participants for a high-value learning experience, so register today!
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.
To wrap things up, you’ll participate in a breakout session with a small group of fellow professionals, applying what you’ve learned to real-life case studies. This format gives you the best of both worlds: the freedom to learn on your own terms and the chance to collaborate and deepen your understanding with expert guidance.
Included Webinars
Opening New Accounts Training Program – Part 1
Opening New Accounts Training Program – Part 2
Opening New Accounts Training Program – Part 3
Series Details
Opening New Accounts Training Program – Part 1
This session kicks off with an essential Regulatory Overview, diving into the vital regulations that shape account openings, including the USA PATRIOT Act, KYC, BSA, and AML laws. Understand the driving force behind these rules, from FinCEN’s Beneficial Ownership requirements to FDIC insurance policies. Then, explore the Six Steps to Opening a New Account, which is designed to streamline processes like customer identification, validating banking history, and OFAC compliance. Finally, get an in-depth look at Consumer Account Ownership, emphasizing the significance of these account ownerships and their potential impact on a customer’s will and ultimate estate planning. You will also learn about the effect of adding an authorized signer and the role of Powers of Attorney. By the end of this session, you’ll be equipped to open consumer accounts while confidently adhering to all regulatory standards.
Section 1 – Regulatory Overview
USA PATRIOT ACT
Customer Identification Program (CIP)
Customer Due Diligence (CDD)
Know Your Customer (KYC)
Bank Secrecy Act (BSA)
Anti-Money Laundering (AML)
FinCEN Beneficial Ownership Rules
FDIC Insurance & Disclosure Requirements
Section 2 – Six Steps to Opening a New Account
Identify and verify customers with proper identification
Use the correct account titling
Verify previous banking history
Obtain the proper TIN
Validate against government lists – OFAC (Office of Foreign Asset Control)
Provide regulatory disclosures
Part 3 – Consumer Account Ownership – Authorized Signers and Power of Attorneys
Understanding account ownership and how it impacts estate planning and probate
Individual and joint account ownership options
How to add non-owners (authorized signers)
Understand Power of Attorney roles and purpose
Opening New Accounts Training Program – Part 2
Master the complexities of business account openings by setting a strong foundation of understanding the unique features of various business structures by diving into the diverse world of Business Structures, Taxation, and Proper TIN, conquering everything from sole proprietorships to LLCs and corporations. Understand why business owners choose specific structures, how the way a business is taxed impacts the required TIN, and when to use SSNs versus EINs. Learn the Essential Business Documents needed to open business accounts, from external documentation provided by a county or state authority to ensuring proper internal resolutions and signature cards are in place. Gain confidence in opening Basic Business Accounts, such as sole proprietorships and non-profits, before advancing to Complicated Business Accounts, where you’ll navigate LLPs, LLCs, and corporate accounts with ease. Finally, tackle Advanced Business Topics like documenting multi-layered businesses and verifying Beneficial Ownership (BO) for complex organizations. This training will empower you to confidently handle any business account scenario, from the straightforward to the most intricate.
Section 1 – Business Structures, Business Taxation and Proper TIN
Overview of the multitude of business structures from Sole Proprietorship, LLCs, Corporations, and more
Understand why a business owner would choose one business structure over another
Understand how specific business structures limit an owner’s exposure to their businesses’ debts and legal claims
How businesses are taxed and how it directly impacts the required TIN
Understanding when companies can use SSNs vs. EINs
Section 2 – Business Accounts – The Role & Importance of External and Internal Documentation
How a business is formed at the county and state level
The difference between documentary and non-documentary verification
What is a good standing certificate, and why is it important?
What documents are needed to open accounts for foreign entities
What is a DBA (Doing Business As)
Necessary paperwork to update changes in a business structure’s ownership
How an EIN IRS letter can be helpful in verifying a business
The critical importance of bank signature cards and resolutions
Risk of not having a properly executed resolution prior to opening a business account
Section 3 – Business Accounts – Basic Business Accounts
Sole Proprietorships, General and Limited Partnerships
Non-profit organizations, IOLTA accounts, and Public Funds
Section 4 – Business Accounts – Complicated Business Accounts
Opening accounts for LLPs, LLLPs, LLCs, and Corporations
Managing accounts when owners or authorized signers pass away
Section 5 – Business Accounts – Advanced Business Accounts Topics
Opening and documenting multi-layered business structures
Verifying Beneficial Ownership (BO) for complex organizations
Opening New Accounts Training Program – Part 3
We will elevate your expertise in handling Fiduciary Accounts, from court-ordered guardianships, conservatorships, and estate accounts to voluntary fiduciaries like Social Security Rep Payee and Veterans Affairs Fiduciaries. Learn the steps for adding or removing signers on court-controlled accounts and discover the advantages of UTMA accounts for minors. To open Trust Accounts, you’ll need to be well-versed in both formal and informal trusts, understand the benefits of trusts and their key parties, and distinguish revocable vs. irrevocable trusts. In this session, you’ll become proficient in obtaining the necessary trust documentation, knowing whether you need the entire trust agreement, and navigating popular living and testamentary trusts. Stay ahead of the curve with the latest 2024 FDIC Trust Account Rules and ensure your customer’s needs are met with precision and compliance.
Section 1 – Fiduciary Accounts
Understanding the purpose of court-ordered Guardianships, Conservatorships, and Estate Accounts and who has authority
The control of a court order and the role it plays when opening fiduciary accounts
Adding or deleting signers to a court-ordered account
The function of voluntary fiduciaries: Social Security Rep Payee & Veterans Affairs Federal Fiduciary
Opening accounts for minors – Uniform Transfer To Minors Act account (UTMA)
Section 2 – Trust Accounts
Understanding the benefits of a trust and its three key parties
Navigating formal vs. informal trusts
Identifying revocable and irrevocable trusts
Obtaining proper trust documentation – does the bank need the entire trust agreement
Why are living trusts so popular
Purpose and role of a testamentary trust
New 2024 FDIC Trust Account Rules
What You’ll Learn
Understanding the fundamentals of consumer accounts
Navigating the intricacies of complex business structures
Maneuvering trust, estate, and fiduciary accounts
Gaining the confidence and knowledge needed to open new accounts like a pro
Ensuring regulatory compliance
Focusing on managing risk while simultaneously delivering exceptional customer service
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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