New Accounts in Texas 2018 - Federal Information & Consumer Accounts

This webinar series is a must for every new account representative in Texas -- there has never been more to know and do. With the federal government’s call for a “Culture of Compliance” there is even more pressure to understand the BIG picture – particularly for those with direct customer contact. Add this program to your training library and use it when on-boarding new staff!

This series is state specific. In many instances, ownership, access and death distribution are determined by state law. When this is the case, this webinar highlights how we do it in Texas!

Real world examples are used to increase comprehension and retention. The detailed manual includes an easy-to-use account ownership matrix for quick answers to questions regarding titling, ownership, signature authority death distribution and more.

During Part 1, participants will learn what is required at account opening under federal regulations and why it is important. Participants are continually reminded to KNOW their CIP and CDD policies and procedures. Information on opening consumer accounts is also included. Effective September 2015 (revised September 2017), the bank began providing consumers with account ownership options using a mandatory statutory disclosure when opening a new account or modifying an existing account. This program explains when the disclosure is required and how it is used. The disclosure content is used to explain account ownerships to participants, just as they should use it to inform customers of their ownership options.

What You Will Learn

Federal topics include:

  • BSA Customer Identification Program (CIP) requirements,
  • Customer Due Diligence (CDD) program requirements, including beneficial ownership and customer risk profile,
  • IRS requirements for account titling, TINs, and certifications, and
  • Disclosures required under Regulations CC, E, DD and privacy.

Account types discussed:

  • Single party (without POD)
  • Multiple party (without POD)
  • Payable on Death and Informal trusts
  • Accounts with minor owners

Don’t miss Part 2 - Fiduciary & Business Accounts on August 10

Who Should Attend?

Anyone who opens deposit accounts for bank customers. Supervisors, trainers, auditors, and compliance staff will also find it useful.