New Business Account Interview

The New Business Account Interview is the frontline security against fraud, money laundering and illegal activity at your financial institution. You may also be the most outstanding salesperson at your institution. Today, it's not enough to just take the money and open the account. Who is it you're doing business with? Who really owns this company? What kind of business is this company in?

It has become the job of the deposit specialist opening the account to dig deeper to find out if this company has any illegal activities that could impact your financial institution in a negative way. Many compliance tasks and due diligence requirements must be met in the New Business Account Interview.

Learn the compliance tasks, worksheets and requirements that must be met when you open an account. Learn to gather and use pertinent information to help you "know your customer". Don't miss this chance to become the business expert at your financial institution.

Covered Topics:

  • Customer Identification Requirements for Businesses: Who is exempt? Who is a customer?
  • Customer Due Diligence requirements: Gathering transaction data and using it
  • Risk rating your business customer-products, services and types of customers that cause concern
  • Unlawful internet gambling
  • New Issues for Money Service Businesses
  • Understanding beneficial ownership
  • The signature card, the resolution and the disclosures-types of businesses and requirements
  • Business Debit card disclosures
  • OFAC
  • Red flags for identity theft
  • Putting it all together in the interview and worksheet

Who Should Attend?

New accounts representatives, branch managers, branch operations, deposit compliance officers and anyone who works the frontline.