12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
Opening even a basic checking account can involve considerable time, paperwork, and risk! Every accountholder’s situation is different and there is often uncertainty about account ownership, the required identification, and how to conduct appropriate due diligence. This session will review account ownership types, including nonresident aliens, use of powers-of-attorney, and minor relationships, and detail the regulations and documentation required for each. You’ll learn how to incorporate CDD requirements into your account-opening process and the handouts provided will become your playbook for opening consumer deposit accounts.
Continuing Education: Attendance verification for CE credits upon request
- Documentation for consumer accounts
- Requirements for enhanced due diligence for nonresident alien accounts
- Withholding agent responsibilities
- Options for minor accounts
- Documents required to ensure proper disbursement of funds when an accountholder dies
- Overview of new CDD rules
- TAKE-AWAY TOOLKIT
- List of account opening and due diligence documentation
- Reference guide illustrating the differences between resident alien and nonresident alien accounts
- Guide for documentation required when an accountholder dies
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
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WHO SHOULD ATTEND?
This jam-packed session is designed for new accounts personnel, trainers, branch managers, and compliance officers.
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.