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
What if someone wants to open or close a business account? Do you know the questions to ask and the documentation to obtain? What if an accountholder wants to deposit a check? Do you know what to look for? What if it’s payable to a person instead of the business? This detail-driven webinar will answer those questions and more and also provide bountiful resources and tools.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Understand the different business types and documentation required for each
- Identify which taxpayer identification number to use for each type of entity
- Handle check deposits
- Explain the differences between authorized signers and accountholders
- Distinguish which regulations apply to business accounts
This webinar is designed to remove the guesswork and uncertainty surrounding opening business accounts and provide the tools necessary to handle such requests with confidence. Proper due diligence, customer identification, and beneficial ownership requirements will be explained in detail.
Thornier issues regarding business transactions will also be tackled, including handling checks payable to the business, whether checks payable to a natural person should be deposited into a business account (or vice versa), and what it takes to replace account signers. And no business account training would be complete without covering Bank Secrecy Act (BSA) and fraud implications. Businesses can be victims of identity theft, used for laundering money, or be engaged in other illicit activities. Knowing the red flags for business accounts is critical to protecting your institution.
Attendance certificate provided to self-report CE credits.
WHO SHOULD ATTEND?
This informative session is directed to new account representatives, call center staff, tellers, business development personnel, compliance staff, and auditors.
- Cheat sheet of opening requirements for business accounts: type of business, documents, and taxpayer identification numbers
- Model beneficial ownership form and diagrams/examples
- Internet resources for due diligence on business filings
- Business account due diligence model questionnaire
- Red flags for BSA and identity theft
- Employee training log
- Interactive quiz
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|"2021 New Accounts Series"|
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.