Opening New Accounts Part 2: Business Accounts Webinar
This two hour Webinar, which is Part 2 of a three part series, examines not only the compliance requirements on business entities available in most states but clearly identifies who has authority to open and transact on the account.
Webinar Description and Intended Audience
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.
- 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.
Webinar Viewing Options
INCLUDES 7 DAYS OF UNLIMITED ONDEMAND PLAYBACK! With this option, you will participate in the webinar live, via the internet. 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 a very effective training tool. The OnDemand Video will be available to you (and anyone else in the company) for 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.
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 any applicable handouts and a CD-ROM (featuring the full-color PowerPoint presentation with audio) via regular mail. Mailed 7 to 10 days after the webinar takes place.
Webinars can be scheduled and offered exclusively for your company. They can even be customized to best fit your needs. To find out more, please complete the in-house request form found in the Schedule and Registration Information section below.
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.