Opening New Accounts II - Business Accounts

This is for Part II only. For series pricing, CLICK HERE.

Managing risk is the #1 priority for all financial institutions and it all starts at the new account desk. Well-trained bankers who can recognize and stop attempted dishonest activity are the first line of defense in protecting a financial institution. Unfortunately, too often, new account personnel are trained "on the job" which results in an environment of potential vulnerability and unnecessary losses. This risk is magnified when dealing with business accounts. When opening a commercial account, verifying if a business entity is legal and who is authorized to transact business on behalf of that entity is crucial. In this two hour webinar, we will investigate the types of business entities available in most states and clarify who has authority to open the account and ultimately sign the resolutions.

We highly recommend you have a copy of your financial institution's account agreement/signature card and resolutions nearby to follow along during the session. To customize it to your state law, you may also want to view your Secretary of State website to access information on forming business structures in your home state.

This is Part 2 of a three-part series. The first session is on Tuesday, April 11, and the third on Wednesday, April 26. You can attend all sessions or each one individually.

Covered Topics

  • Understanding signature card contracts and proper account opening procedures for each type of business
  • Why are there so many business entities available?
  • Understanding risk from the business client's perspective
  • Which businesses need to obtain an EIN?
  • Are business signers subject to OFAC and CIP requirements?
  • Sole Proprietorships
  • General, Limited, and Limited Liability Partnerships
  • Limited Liability Limited Partnerships (LLLP)
  • Limited Liability Company (LLC/SLLC)
  • Corporations
  • Nonprofit associations and charitable organizations
  • Escrow/Agency/Intermediary
  • Interest on lawyer accounts
  • Public or governmental units
  • Detailed explanation of business resolutions (have a copy of your financial institution's resolution available during the training session)
  • Access after the death of a business account signer
  • FinCEN - New customer due diligence effective 2018

Who Should Attend?

All customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts and certificates of deposit. Excellent for supervisors or officers who have authority to "waive" documentation requirements. Internal Auditors and Compliance Officers will find the information exceptionally beneficial as well.