New Business Accounts: The Interview, CIP, New CDD Rules & Authority
The regulators are now asking for a new account script.
When you receive your request letter items for your compliance examination, will you be ready? If not, this is the program for you.
It’s a big job to “know your customer” from identification, documentation, questions and risk to scripting this into a fluid on-boarding process. Because there are so many types of accounts and ways to do business (including online), it can be challenging to determine who is authorized to open, close and transact business. How do we set up accounts and change them as the businesses change? What happens when someone dies? Can you keep the same EIN if a sole proprietorship incorporates? What if the LLC members are other businesses? And the list goes on. Understanding designations, rules and authority on all types of business accounts assures that you are taking proper precautions and will help you avoid costly errors.
New Customer Due Diligence (CDD) will change how you open and document your legal entity customer. This webinar will address how to complete beneficial ownership forms and script the business account interview. You will receive a business documentation handout to assist you in creating checklists plus sample situations that demonstrate how to run your CIP. We will also review account opening procedures for foreign financial institutions and entities and the new W-8BENE.
- Sole proprietorship accounts
- Partnership accounts
- Limited liability companies
- Nonprofit organizations
- Exemptions for CDD
- Record retention
- Transactional questions
- Assigning risk
- Developing a script
New accounts, personal bankers, branch administration, deposit operations, CIP managers, BSA officers, training and business development personnel.
Deborah Crawford is the President of Gettechnical Inc, a firm, specializing in the education of financial institutions across the nation. Her 27+ years of experience began at Hibernia National Bank in New Orleans. She specializes in the education of financial institution employees and officers in the area of deposit account laws, new account documentation, insurance, compliance regulations and IRAs.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2 hours/session
Member price: $275.00 | Non member price $550.00
Member price: $295.00 | Non member price $590.00
Online: Visit the CBA Webinar Catalog
Phone: Call ConferenceEdge at (877) 988-7526 (credit card payments only)
- Preferred Payment Method: Online
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