Opening New Accounts Part II: Business Accounts

This two-hour webinar examines the documentation requirements on business entities available in most states and clarifies how to identify who has the authority to open and transact on behalf of the entity.

Recorded Wednesday,
May 3rd, 2023
Presented by Suzie Jones
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • BSA
  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • Risk Management/Legal
  • Teller
  • Bank Legal Counsel
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Credit Analyst
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • Loan Operations Manager/Specialist
  • Marketing Officer/Business Development
  • New Accounts Representative
  • Private Banker
  • Risk Manager
  • Senior Management
  • Teller
  • Trainer

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Opening business accounts can create angst! Why are there so many different types of business entities - Sole Proprietorships owned by a married couple, LLCs, LLPs, General Partnerships, Limited Partnerships, Corporations, Escrow Accounts, and Political Organizations! What is the securest way to determine who has the authority to transact on behalf of a business entity when owned by another entity? Verifying if a business entity is legitimate and who has the authority to transact business on behalf of that entity can be challenging. When can a company use the owner's SSN vs. an EIN? When does a bank need a partnership agreement, bylaws, or operating agreement? FinCen requirements will be addressed. In this two-hour comprehensive webinar, participants gain confidence and a clear understanding of the regulations, compliance, documentation, and proper TIN requirements for opening a business account. This session is not state law specific.

It is suggested that attendees have copies of the bank's account agreement, signature card, and resolutions to reference during the session.

What You'll Learn

  • Business Account Documentation
  • Resolutions – Purpose and Proper Completion
  • Business Taxation Options
  • Types of Businesses
  • Determining LLC Business and Tax Classification
  • Ownership and Access of Accounts During Lifetime and After Death
  • Beneficial Ownership Due Diligence Requirements
  • Documenting Complicated Business Structures

Who Should Attend

Customer contact personnel, supervisors, and officers whose responsibilities include opening or managing new accounts. Personal Bankers, BSA Officers, Deposit Operations, Branch Administration, CIP Managers, Training and Business Development Officers, Internal Auditors, and Compliance Officers will find the information beneficial. Lending assistants and officers will find the information informative as well as at least 85% of this information also impacts the lending area.

Suzie Jones

Instructor Bio

With over 40 years of banking experience, Suzie has a reputation as being extremely knowledgeable and high-energy with a unique ability to take technical information and make it interesting and applicable. After 22 years, Suzie recently retired as an Executive Vice President from a large regional bank where she provided overall leadership and risk management to the $11B Investments Division. For decades Suzie opened new accounts, managed new account teams, and provided hands-on input and leadership to the AML and BSA Committees within the bank. Suzie has a passion for sharing technical knowledge and lessons learned to provide risk management and promote excellence in the workplace. She partners nationally with individual banks, credit unions, private companies, small boutique firms, and provides training for 17 state bank associations.