Opening Donation, Memorial & Other Accounts for Nonprofit Organizations & Corporations
Tuesday, April 18, 2017
9:00 am – 10:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
Your credit union works hard to serve members’ needs and is often asked to offer a variety of share accounts. There are specific documentation requirements for accounts established for donations, memorials, nonprofit organizations, and corporations. What questions should be asked when opening these accounts, and what type of CIP documentation is required to comply with BSA? New beneficial ownership rules become effective May 11, 2018, for covered accounts. Corporations are “legal entities” and there are many new requirements for these covered accounts. You will be required to establish who the beneficial owners are and who controls the legal entity. In addition, you will need to ask questions to establish a risk profile. Attend this session and learn how to comply with the BSA provisions for memorial accounts, nongovernment organizations, and corporations. You will learn practical tips for opening these accounts.
Continuing Education: Attendance verification for CE credits upon request
- How is authority established to open and close memorial accounts and allow for a change in signers?
- What are the CIP requirements now for nonprofit accounts? The beneficial owners are not required to be identified but an individual who “controls” the nonprofit must be documented.
- What are the CIP requirements for corporations now and under the new rules?
- What will be required under the new CDD rules in 2018?
- What does the frontline need to know to open these accounts?
- Common challenges
- Review of regulatory and documentation requirements
- TAKE-AWAY TOOLKIT
- Checklist for the frontline
- Template for CIP requirements
- Interview questions for CDD
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for member service representatives, compliance officers, auditors, branch managers, and deposit operations staff.
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