Have you memorized the necessary documentation for business accounts? Can you ask the right questions, check the right “boxes,” and gather the necessary information quickly? Maybe too quickly? Is it a sprint or a 5K? Taking shortcuts with business accounts is fraught with peril. Ensure compliance and reduce risk with this thorough, how-to webinar.
- Review CIP and CDD requirements, including documentary and non-documentary identification methods, risk profiles, and tax identification numbers
- Understand required documentation and monitoring procedures for high-risk accountholders (includes a discussion on hemp-related businesses)
- Distinguish common ownership types and the account titling, ownership, authorities, CIP verification, and tax reporting associated with each
- Explain the importance of disclosures required at account opening
- Use provided tools and charts to make your new account process more efficient
Opening even a basic business checking account can involve considerable time, paperwork, and risk! Every accountholder’s situation is different, and uncertainty abounds regarding account ownership, required identification, and appropriate due diligence.
The business owner/representative must be made aware of the products and services your institution has to offer. Staff must comply with several regulatory requirements yet provide a positive experience for the client. Although this juggling act can be daunting, this jam-packed session will unpack the ownership and documentation details for businesses, estates, and trusts. Join us for a run through of the account opening process from starting blocks to finish line and all the curves in between. Several tools will be provided that will improve and streamline your process.
Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She
has over 20 years’ experience in client service, operations, information technology,
administrative and board relations, marketing, and compliance. Most recently Dawn
served as the Senior Vice President of Operations for a central-Ohio-based community
bank, where she created and refined policies and procedures, conducted self-audits and
risk assessments, and organized implementation of new products and services. Dawn has
served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has
led training initiatives, prepared due diligence information, completed a variety of
regulatory applications, coordinated internal and external audits and exams, and
presented for numerous state associations.