OPENING PERSONAL ACCOUNTS:DOCUMENTATION, PROCEDURES & CIP

1 1/2 HOURS

OVERVIEW:

Our primary function at the frontline is to identify the person or entity attempting to open an account.  This program will look at your current procedures to open and document accounts to make sure the procedures are protecting your bank.  We will also review the state law on deposit accounts, including the forms of ownership - individual, joint, POD's, etc.  The 400-plus page manual participants will receive is a valuable reference that includes a copy of the complete state law.

WHAT YOU WILL LEARN:

• CIP - required identification on all accounts
• How to identify the person opening the account
• SSN or EIN requirements
• Types of ownership:  individual, joint, POD's, agents, powers of attorney
• Special accounts:  living trusts, estates, UTMA, social security representative payees
• Power of Attorneys

WHO SHOULD ATTEND:

New accounts representatives, customer service representatives, auditors, compliance personnel, risk managers, security officers, branch managers, and any other interested personnel.