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Wisconsin Credit Union Foundation

Opening Consumer Accounts: Regulations, CDD & Documentation

Review account ownership types, including nonresident aliens, use of powers-of-attorney and minor relationships. Detail the regulations and documentation required for each of those. Learn how to incorporate CDD requirements into your account-opening process and the handouts provided will become your playbook for opening consumer deposit accounts.

Feb 22, 2018 02:00 PM   -­­  Feb 22, 2018 03:30 PM
CT
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Type of Event
On Demand Webinar

Who Should Attend
  • On Demand
  • Webinars
  • Member Services

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Description

Opening even a basic checking account can involve considerable time, paperwork and risk! Every accountholder’s situation is different and there is often uncertainty about account ownership, the required identification, and how to conduct appropriate due diligence. This session will review account ownership types, including nonresident aliens, use of powers-of-attorney, and minor relationships, and detail the regulations and documentation required for each. You’ll learn how to incorporate CDD requirements into your account-opening process and the handouts provided will become your playbook for opening consumer deposit accounts.

Learning Objectives

  • Documentation for consumer accounts
  • Requirements for enhanced due diligence for nonresident alien accounts Withholding agent responsibilities
  • Options for minor accounts
  • Documents required to ensure proper disbursement of funds when an accountholder dies
  • Overview of new CDD rules

Speaker

Dawn Kincaid, Brode Consulting Services, Inc.

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