2023 New Accounts Series

Opening accounts for nonresident aliens and identifying the person with whom you are doing business has always been challenging. Since the USA PATRIOT Act customer identification program (CIP) law passed, opening these accounts and obtaining the required documentation and identification is trickier than ever. This is also a BSA exam "hot spot" with regulators because NRA accounts are considered high risk. What does the law say about identifying nonresident aliens? What type of identification is being used around the country to open accounts? What are the proper procedures for W-8BEN and 1042-S completion? What role does the Office of Foreign Assets Control (OFAC) play in your new accounts procedures? If you are pondering these questions or other NRA compliance issues, this session is a can’t-miss.

A lot goes into setting up and properly handling business accounts. This webinar will look at the various structures a business can take, the documentation required for each type, the documents necessary to determine authority over the account, and the BSA beneficial ownership requirements. Once opened, your institution is responsible for ensuring that transactions are handled correctly and monitored for unusual or suspicious activity. Oftentimes new or smaller businesses don’t clearly understand the distinction between business and personal transactions or the institution’s need to confirm the authority of persons attempting to transact on behalf of the business. This session will explore the entire process from onboarding to closing and everything in between. When would an institution need to request updated beneficial ownership or due diligence information? How should requests for changes in authorized signers be handled? What should be done when setting up accounts for multiple businesses operating under one tax ID number? Join us to learn the answers to these questions and more.

Many consumers use trusts to plan for their estate, family, taxes, etc. When opening these special accounts, you need to know about proper documentation, CIP, and signature card responsibilities. You must also understand the trustee’s authority and duties and your institution’s responsibility and liability. This webinar will cover standard trust-opening procedures and many “dos and don’ts” that arise as trust and accountholder situations change.

There are so many questions regarding minor accounts. Who can set one up? When are minors allowed to transact or prohibited from transacting? What about issuing ATM cards, debit cards, or checks? This webinar will explore the different types of minor accounts – UTMAs, informal or Totten trusts, accounts for minors with income from sports or entertainment, and more. In addition, it will tackle some of the stickier issues, such as whether to allow or require an adult as a joint accountholder, who has authority over a UTMA when a custodian dies, considerations for issuing access devices (cards and other EFT services), and what happens if the minor dies.