Opening New Accounts Part II: Business Accounts

This is for Part 2 only. For series pricing, CLICK HERE.

Managing risk is the #1 priority for all financial institutions and it all starts at the new account desk. Well-trained new account personnel who recognize and stop attempted dishonest activity are the first line of defense in protecting a financial institution. Unfortunately, too often, new account personnel are trained "on the job" which can result in an environment of potential vulnerability and unnecessary losses. When opening a business account, verifing if a business entity is legal and who is authorized to transact business on behalf of that entity can be complicated. This two hour Webinar, which is Part 2 of a three part series, examines not only the compliance requirements on business entities available in most states but clearly indentifies who has authority to open and transact on the account.

It is highly recommended you have a copy of your financial institution's account agreement, signature card and resolutions to reference during the session. To customize the session to your state law, you may want to access your Secretary of State’s website to access documentation requirements on forming business structures in your state.

Covered Topics

  • Business Account Documentation Overview
  • Understanding Signature Card Contracts and Resolutions
  • Detailed Explanation of Business Resolutions (have a copy of your financial institution's resolution available during the training session)
  • Understanding Risk From the Client’s Prespective
  • Why are there so many types of business entities available?
  • Which business types are required to obtain an EIN and which may use a SSN?
  • Are all business signers subject to OFAC and CIP requirements?
  • Sole Proprietorships
  • General, Limited (GP) and Limited Liability Partnerships (LLP)
  • Limited Liability Limited Partnerships (LLLP)
  • Limited Liability Company and Series LLC (LLC/SLLC)
  • Corporations Professional Associations (PA)
  • Nonprofit Associations and Charitable Organizations
  • Escrow / Agency / Intermediary
  • Interest On Lawyer Accounts (IOLTA)
  • Public or Governmental Units
  • Access at the Death of a Business Account Signer
  • FinCEN – New Customer Due Diligence Effective 2018

Who Should Attend?

All customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts and certificates of deposit. Excellent for supervisors or officers who have authority to waive documentation requirements. Internal Auditors and Compliance Officers will find the information exceptionally beneficial as well.