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.

Recorded Tuesday,
November 8th, 2022
Presented by Suzie Jones
2h total length
$279.00 or 1 Token

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 business accounts can create angst! Sole Proprietorship owned by a married couple, DBAs, 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 owned 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, 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.

What You'll Learn

  • 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.

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 17 state bank associations.