Opening even a basic checking account can be an exercise involving considerable time, paperwork, and risk! Every consumer’s situation is different and there is often uncertainty about account ownership, the required identification, and how to conduct appropriate due diligence. Meeting the regulatory requirements while communicating all the products and services your financial institution offers and striving to provide a positive service experience throughout the process can be a daunting task. In this jam-packed session we will review the issues for ownership and documentation of personal consumer accounts. We will run through the account opening process from starting blocks to finish line and all the hurdles in between. We will identify best practices for documenting appropriate due diligence for high-risk accountholders. And…we will provide you with loads of tools to utilize in your account opening process!
KEY WEBINAR TAKEAWAYS
- Identifying the appropriate ownership type and applying the required CIP and CDD rules
- Additional due diligence needed for higher-risk consumers
- Common ownership types and the account titling, ownership, authorities, CIP verification, and tax reporting associated with each
- Necessary disclosures for each account and key information to review at account opening
BONUS MATERIALS
- Quick references for consumer ownership types
- Sample accountholder risk profile
- New account checklist
WHO SHOULD ATTEND?
- New accounts personnel
- Universal bankers
- Branch managers
- Compliance Officers
MEET THE PRESENTER
Dawn Kincaid
