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Opening New Accounts: Documentation and Compliance - 3 Part Series

We are pleased to provide this outstanding 3 part virtual series on the topic of opening new accounts. The webinar series will encompass opening personal, business, trust, minor, power of attorney, estate accounts, and much more! Although not customized to specific state law, it will answer the more complicated and challenging questions customers and employees ask. Whether you are new to new accounts or have decades of experience, you will gain more confidence and be prepared to handle even the most complicated scenario!

OnDemand
November 8, 2022
November 14, 2022
November 16, 2022
Presented by Suzie Jones
2h total length
$769.00 or 3 Tokens

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • BSA
  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • Fraud
  • General Compliance
  • Lending Compliance
  • Risk Management/Legal
  • Sales
  • Teller
  • Transaction Compliance
  • Trusts
  • Bank Legal Counsel
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • Marketing Officer/Business Development
  • New Accounts Representative
  • Private Banker
  • Risk Manager
  • Senior Management
  • Small Business Lender
  • Teller
  • Trainer
  • Trust Officer

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Opening new accounts is complicated! With onerous regulatory oversight and scrutiny, new account training is paramount to maintain diligence and update processes and procedures. This two-hour comprehensive webinar focuses on the risks, procedures, best practices, and compliance requirements for opening Personal and Consumer Accounts. Attendees will understand the six-step due diligence account opening process that applies to every type of account opened and, if followed, can protect a financial institution if ever sued by a customer. Discussion topics include proper documentation, account ownership options, with and without the right of survivorship, the impact right of survivorship can have on a customer's estate plan, proper account titling, TIN requirements, agency, and power of attorney arrangements. The session also addresses who can transact on personal accounts during a customer's lifetime and at the death of a signer. This session is not state specific.

Opening business accounts can create angst! Sole Proprietorship owned by a married couple, Trade NameWaht is - DBA, LLCs, LLPs, LLLPs, General Partnerships, Limited Partnerships, Corporations, 1031 Exchange Accounts, and Political Organizations! Why are there so many different types of business entities? What is the securest way to determine who can transact on a business account – especially when owed by another entity? Verifying if a business is legitimate and who has the authority to transact business on behalf of an entity can be challenging. When can a business use the owner's SSN vs. an EIN? When is a partnership agreement, bylaws, or operating agreement needed? Beneficial Ownership requirements are discussed as well as documenting complicated business structures. In this session, Part II of a three-part series, participants will gain confidence and a clear understanding of the regulatory, compliance, documentation, and proper TIN requirements for opening a business account. This session is not state law specific.

Formal and Informal Trusts, Revocable and Irrevocable Trusts, LLC owned by a Revocable Trust, POD Accounts, Minor, UTMA Custodial Accounts, Court Ordered Accounts, Guardianships, Estates, Representative Payee, and Veterans Administration Fiduciary - what does it all mean? Why are living trusts so popular? What is a Testamentary Trust? It never fails to raise panic when someone dumps a binder full of legal documents on your desk and requests to open a trust account, estate account, or an account for a minor. To compound the complexity, on many occasions, the actual owner of the funds is not present. This two-hour comprehensive webinar, Part III of a three-part series, will discuss the responsibilities of collecting appropriate documentation, correctly titling accounts, and allowing proper access to Trust, Fiduciary and Minor accounts not only during lifetime but at the death of a signer as well.

Series Details

Opening New Accounts: Documentation and Compliance - Business Accounts

This two-hour webinar examines not only the documentation requirements on business entities available in most states but provides clarity on how to identify who has authority to open and transact on behalf of the entity.

  • What is the securest way to determine who has the authority to open and transact on a business account?
  • How to best verify if a business entity is legitimate.
  • When can a business owner use an SSN vs. an EIN?
  • When does a bank need a partnership agreement, bylaws, or operating agreement?
  • How does Beneficial Ownership fit into the picture?
  • Gain a clear understanding of how to protect your financial institution and community with proper regulatory compliance and documentation.

Opening New Accounts: Documentation and Compliance - Personal and POA Accounts

This two-hour webinar focuses on the risks, procedures, best practices, and compliance requirements for opening Personal and Consumer Accounts.

  • Understanding risks, procedures, best practices, and compliance requirements when opening Personal Accounts
  • 6 step due diligence account opening process and how it can protect a financial institution if ever sued by a customer
  • Personal accounts with and without right of survivorship ownership options and the impact on a customer's estate PLAN
  • Proper account titling and TIN requirements
  • Designated signer or power of attorney to a personal account
  • Who can transact on personal accounts at the death of a signer

Opening New Accounts: Documentation and Compliance - Fiduciary, Trust and Estate Accounts

This two-hour webinar will delve into the responsibilities of collecting appropriate documentation, providing ownership options, titling accounts correctly, and allowing proper access to Trust, Fiduciary and Minor accounts not only during lifetime but at the death of a signer as well.

  • What's the difference when opening a Revocable or Irrevocable Trust?
  • Living Trusts - Why so Popular?
  • Learn how Fiduciary accounts create an element of risk if not handled properly.
  • How to handle an account when the actual owner of the funds is not present.
  • Responsibilities for collecting appropriate documentation.
  • When to use an SSN vs. an EIN.
  • Allowing proper access to Fiduciary accounts not only during life, but also at the death of a Fiduciary.
  • How to handle more complex scenarios when opening a trust or fiduciary account.
  • How to manage the more challenging questions customers and employees ask.

What You'll Learn

Each webinar in the series will cover specific topics relative to the subject matter.

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.

Suzie Jones

Instructor Bio

With over 40 years of banking experience, Suzie 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, Suzie 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 Suzie opened new accounts, managed new account teams, and provided hands-on input and leadership to the AML and BSA Committees within the bank. Suzie 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.