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
- Documentation for consumer
- 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
- Overview of new CDD rules
Dawn Kincaid, Brode Consulting Services, Inc.