This session kicks off with an essential Regulatory Overview, diving into the vital regulations that shape account openings, including the USA PATRIOT Act, KYC, BSA, and AML laws. Understand the driving force behind these rules, from FinCEN's Beneficial Ownership requirements to FDIC insurance policies. Then, explore the Six Steps to Opening a New Account, which is designed to streamline processes like customer identification, validating banking history, and OFAC compliance. Finally, get an in-depth look at Consumer Account Ownership, emphasizing the significance of these account ownerships and their potential impact on a customer's will and ultimate estate planning. You will also learn about the effect of adding an authorized signer and the role of Powers of Attorney. By the end of this session, you'll be equipped to open consumer accounts while confidently adhering to all regulatory standards.
Training
2025 brings many new issues for the BSA team. Beneficial ownership rules continue to drop out in increments. We have heightened security on OFAC matches in our system because of the world’s political climate. We continue to deal with new areas such as marijuana and convertible virtual currency.
Understanding designations, rules, and authority on all different types of business accounts can ensure that you are taking the proper precautions and can assist you in avoiding errors that can be costly to your organization. An update on Beneficial Ownership will be included.
This program is an A-Z on account ownership and documentation. We will go from single party accounts to the more complex type of business accounts.
In May 2016, we received the Customer Due Diligence regulations including beneficial ownership. This program will focus on what has been called the fifth pillar of BSA: Customer Due Diligence. In other words, how does the customer plan to use the account? And why is the customer establishing an account with you?
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