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Wisconsin Credit Union Foundation

Opening Donation, Memorial & Other Accounts for Nonprofit Organizations & Corporations

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.

Aug 27, 2019 02:00 PM   -­­  Aug 27, 2019 03:30 PM
CT
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Type of Event
On Demand Webinar

Who Should Attend
  • On-Demand Webinars
  • Member Service
  • Live Webinars
  • Compliance

Register

Description

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.

Learning Objectives

  • How is authority established to open and close memorial accounts and allow for a change in signers?
  • What are the CIP and documentation requirements for nonprofit accounts?
  • What are the CIP requirements for corporations under the beneficial ownership rules?
  • CDD and establishing a risk profile for a corporation
  • What the frontline needs to know to open these accounts
  • Common challenges
  • Review of regulatory and documentation requirements

Speaker

Susan Costonis, Compliance Consulting and Training for FIs

Investment

$259.00