Opening Business Accounts
Tuesday, October 15, 2019
10:00 am – 12:00 pm CT
Recommended for 2.5 CE Credits
For many new account representatives, universal 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 fast-paced webinar 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.
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, County, and SOS Documents Available
- Business Modification Requirements – When Ownership Changes
- Signature Card Contracts and Resolutions – Purpose and Proper Completion
- 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, ChexSystems, and CIP requirements?
- Sole Proprietorships
- General (GP), Limited (LTD), and Limited Liability Partnerships (LLP)
- Limited Liability Limited Partnerships (LLLP)
- Limited Liability Company and Series LLC (LLC/SLLC)
- LLC – W9 Requirements – 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 lending officers will find the information informative as well.
With over 40 years of banking experience, Suzie has a reputation as being extremely knowledgeable and high-energy with a unique ability to take technical information and make it interesting and applicable. After 22 years, Suzie recently retired as an Executive Vice President from a large regional bank where she provided overall leadership and risk management to the $11B Investments Division. For decades Suzie opened new accounts, managed new account teams, and provided hands-on input and leadership to the AML and BSA Committees within the bank. Suzie has a passion for sharing technical knowledge and lessons learned to provide risk management and promote excellence in the workplace. She partners nationally with individual banks, credit unions, private companies, small boutique firms, and provides training for 13 state bank associations.