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This program will look at sole proprietorships, partnerships, corporations, limited liability companies and nonprofit organizations. We will build procedures that reflect new Customer Due Diligence rules and the additional requirements they add to opening legal entity accounts. You'll learn which entity types will require you to discern beneficial ownership and which will not. This webinar and supporting materials will help you with the "how to" of implementing these new rules.
What you will learn:
- How to map complicated business structures and get appropriate Customer Identification and Customer Due Diligence information
- The four key components for Customer Due Diligence (CDD)
- Where your procedures will change on opening accounts for legal entities
- How and when to ask nature and purpose questions
- Which accounts will have beneficial ownership requirements
- What steps to take where entities own other entities
- How to open and document accounts for nonprofit entities
- Legal Entities Account Handbook
- Instructions on Completing Beneficial Ownership
- Excel spread sheet to risk rate business and nonprofit entities
Opening Entity Accounts (updated for the new CDD rules)
Business Accounts Risk Questionnaire
Questions and Answers