Your financial institution is asked to open a variety of deposit accounts. There are specific documentation requirements for accounts established for donations, memorials, and various nonprofit organizations. What questions should be asked at account opening? What CIP documentation is required for BSA compliance? Are you complying with the beneficial ownership rules that became effective May 11, 2018? Corporations are “legal entity customers” and are covered by the rules. This session will teach you how to comply with the BSA provisions for donation, memorial, nonprofit, and corporation accounts and provide practical tips for opening each.
- How is authority established to open and close memorial accounts and allow for a change in signers?
- What are the CIP and documentation requirements for nonprofit accounts?
- What are the CIP requirements for corporations under the beneficial ownership rules?
- CDD and establishing a risk profile for a corporation
- What the frontline needs 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
- CDD interview questions
- Employee training log
- NEW – Interactive quiz
WHO SHOULD ATTEND?
This informative session is designed for new account representatives, compliance officers, BSA officers and staff, auditors, branch managers, and deposit operations staff.
SPEAKER: Susan Costonis, Compliance Consulting and Training for Financial Institutions
Susan Costonis is a compliance consultant and trainer. She specializes in compliance management along with deposit and lending regulatory training. Most of her 35-year career was spent as a banker in several areas including lending, loan administration, electronic banking, and compliance risk management.
Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real-life examples.