Your financial institution is asked to open a variety of deposit accounts.
There are specific documentation requirements for accounts established for
donations, memorials, and various nonprofit organizations. What questions should
be asked at account opening? What CIP documentation is required for BSA
compliance? Are you complying with the beneficial ownership rules that became
effective May 11, 2018? Corporations are “legal entity customers” and are
covered by the rules. This session will teach you how to comply with the BSA
provisions for donation, memorial, nonprofit, and corporation accounts and
provide practical tips for opening each.
- How is authority
established to open and close memorial accounts and allow for a change in
- What are the CIP and documentation requirements for nonprofit
- What are the CIP requirements for corporations under the
beneficial ownership rules?
- CDD and establishing a risk profile for a
- What the frontline needs to know to open these accounts
- Common challenges
- Review of regulatory and documentation requirements
Susan Costonis, Compliance Consulting and Training for FIs