What if someone wants to open or close a business account? Do you know
the questions to ask and the documentation to obtain? What if an
accountholder wants to deposit a check? Do you know what to look for?
What if it’s payable to a person instead of the business? This detail-driven
webinar will answer those questions and more and also provide bountiful
resources and tools.
- Understand the different business types and documentation required for each
- Identify which taxpayer identification number to use for each type of entity
- Handle check deposits
- Explain the differences between authorized signers and accountholders
- Distinguish which regulations apply to business accounts
This webinar is designed to remove the guesswork and uncertainty surrounding opening
business accounts and provide the tools necessary to handle such requests with
confidence. Proper due diligence, customer identification, and beneficial ownership
requirements will be explained in detail.
Thornier issues regarding business transactions will also be tackled, including handling
checks payable to the business, whether checks payable to a natural person should be
deposited into a business account (or vice versa), and what it takes to replace account
signers. And no business account training would be complete without covering Bank
Secrecy Act (BSA) and fraud implications. Businesses can be victims of identity theft,
used for laundering money, or be engaged in other illicit activities. Knowing the red flags
for business accounts is critical to protecting your institution.
Mary-Lou Heighes, Compliance Plus, Inc.
Mary-Lou Heighes is President and founder of Compliance Plus, Inc., which has assisted
financial institutions with the development of compliance programs since 2000. She
provides compliance training for trade associations and financial institutions. Mary-Lou
has been an instructor at regulatory compliance schools, conducts dozens of webinars,
and speaks at numerous conferences throughout the country.
Involved with financial institutions since 1989, Mary-Lou has over 25 years’ compliance
experience. Before starting Compliance Plus in 2000, she spent five years working as a
loan officer, marketer, and collector. She also worked at a state trade association for seven
years providing compliance assistance and advising on state and federal legislative issues
that affect financial institutions.