Opening New Accounts Part 2: Business Accounts Webinar

For most new account representatives and personal bankers, opening business accounts creates the most angst! Why are there so many different types of business entities? What is the best way to determine who has authority to transact on behalf of the business entity? Unfortunately, too often, new account personnel are trained “on the job” which can result in an environment of potential vulnerability and unnecessary losses. Verifying if a business entity is legal and who has the authority to transact business on behalf of that entity can be complicated. This two-hour webinar, which is Part II of a three-part series, examines not only the documentation requirements on business entities available in most states but provides clarity on how to identify who has authority to open and transact on behalf of the entity. Part I of this three-part series encompasses Personal and Consumer Accounts and Part III covers Trust and Fiduciary Accounts.

It is highly recommended that attendees have a copy of the financial institution’s account agreement, signature card, and resolutions to reference during the session. To customize the course to state law, the FI may want to access the Secretary of State’s website to review documentation requirements on forming business structures in your state.

Covered Topics:

  • Understanding Risk From the FI Perspective
  • Business Account Documentation ‘ Internal and SOS Documents Available
  • Understanding Signature Card Contracts and Resolutions
  • How Our Bank Lost $100,000 By Not Executing the Corporate Resolution Properly
  • Understanding Risk From the Client’s Perspective
  • Business Taxation Options and Why We Care
  • Why are there so many types of business entities available?
  • Which business types are required to obtain an EIN and which may use a SSN?
  • Are all signers on business accounts subject to OFAC and CIP requirements?
  • Sole Proprietorships
  • Joint Ventures
  • General (GP), Limited (LTD), and Limited Liability Partnerships (LLP)
  • Limited Liability Limited Partnerships (LLLP)
  • Limited Liability Company and Series LLC (LLC/SLLC)
  • LLC – Determining Business and Tax Classification
  • Profit and Non-Profit Corporations / Professional Corporations
  • Professional Associations (PA)
  • Nonprofit Associations and Charitable Organizations
  • Escrow /Agency / Intermediary
  • Interest On Lawyer Accounts (IOLTA)
  • Public or Governmental Units
  • Removing an Owner or Non-Owner as a Signer
  • Access at the Death of a Business Account Signer/Owner
  • FinCEN ‘ New Customer Due Diligence Effective 2018

Who Should Attend?

Customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts. Personal Bankers, BSA Officers, Deposit Operations, Branch Administration, CIP Managers, Training and Business Development Officers, Internal Auditors and Compliance Officers will find the information beneficial. Lending assistants and officers will find the information informative as well.

Continuing Education (CE) Credits

This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.

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Related Topics

Instructor

Suzie Jones
Suzie Jones

Suzie Jones relates to her audience. For decades, Suzie opened new accounts, managed new account teams, and provided hands-on input to the AML and BSA Committees within the bank. With over 45 years of... read more.

Course TitleCreditsStart DateStart TimeDelivery TypeDelivery OptionInstructor / LocationPrice
Opening New Accounts Part II: Business Accounts0.25 Any AnyWebinarSix Month On-Demand Recording Suzie Jones$295.00 Register Now
Opening New Accounts Part II: Business Accounts0.25 Any AnyWebinarCD-ROM Video Recording Suzie Jones$345.00 Register Now
Delivery Options

LIVE WEBINAR:
INCLUDES 7 DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar (via the internet) as it is being presented. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a telephone for the audio. You can type and send your questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate at the same time. And don’t worry if you miss the webinar, you can still view it for up to seven days after it takes place!

SIX MONTH ONDEMAND VIDEO:
With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. The weblink will be available to you (and anyone else in the company) for up to six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.

CD-ROM VIDEO:
If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of the PowerPoint slides and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar via regular mail. Mailed 7 to 10 days after the webinar takes place.

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