Opening Business Accounts: CIP, CDD, Assigning Risk and Scripts

With Deborah Crawford

Opening Business Accounts: CIP, CDD, Assigning Risk and Scripts

With Deborah Crawford
  • 1 Video
  • 3 PDFs
  • 1 Download
  • 2.0 hrs
Course description

ICB Credit: 2.5 CRCM

There are many types of business accounts with many different ways to do business in banking today. It can be challenging to determine who is authorized to open, close and transact business when dealing with so many types of business entities. In addition to opening accounts in person for businesses, we now bank businesses online, with debit cards and through remote deposit. Because of these multiple entities and various approaches to opening accounts numerous questions arise. How do we set up these accounts and then change them as the businesses change? What happens when a partner dies? What happens when the sole proprietor dies? Can you keep the same EIN if a sole proprietorship incorporates? What if the LLC members are other businesses? How do they sign? We will look at tax issues when a business is disregarded and reported in a different tax number. And the list of questions goes on. Understanding designations, rules and authority on all different types of business accounts can assure that you are taking the proper precautions and can assist you in avoiding errors that can be costly to your organization.

New/Proposed Customer Due Diligence will change how you open and document your legal entity customer. This program will address how to complete beneficial ownership forms, how to script the business account interview to include beneficial ownership, purpose, and nature questions. You will receive a business documentation handout to assist you in creating checklists plus some sample situations which will demonstrate how to run your CIP on the business, signatories and beneficial ownership. The FATCA rule has a component on foreign financial institutions which began on January 1, 2015, for foreign institutions and businesses. We will review new account opening procedures for foreign financial institutions and foreign financial entities and the new W-8BENE.

The regulators are now asking for a new account script. When you receive your request letter items for your compliance examination, will you have a new deposit account script? If not, this is the program for you.

  • Sole Proprietorship Accounts
  • Partnership Accounts
  • Corporations
  • Limited Liability Companies
  • Nonprofit organizations
  • Exemptions for CDD
  • Record retention
  • Transactional questions
  • Assigning Risk
  • Developing a Script

Course Curriculum

Video
121:10
Opening Business Accounts: CIP, CDD, Assigning Risk and Scripts
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Materials
Materials
Slides
Business Accounts Questionnaire
Questions and Answers
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Instructor

Deborah Crawford
Deborah Crawford

Deborah Crawford is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 27+ year career in banking and training began at Hibernia National Bank. She has been a seminar leader for many state associations and credit union groups across the nation. She has Bachelors and Masters degrees from Louisiana State University.