Events Calendar

Webinar: Business Accounts: Who is Authorized to Open, Close, Transact?
Thursday, March 25, 2021, 03:00pm - 04:30pm

What if someone wants to open or close a business account? Do you know the questions to ask and the documentation to obtain? What if an accountholder wants to deposit a check? Do you know what to look for? What if it’s payable to a person instead of the business? This detail-driven webinar will answer those questions and more and also provide bountiful resources and tools.


  • Understand the different business types and documentation required for each
  • Identify which taxpayer identification number to use for each type of entity
  • Handle check deposits
  • Explain the differences between authorized signers and accountholders
  • Distinguish which regulations apply to business accounts


This webinar is designed to remove the guesswork and uncertainty surrounding opening business accounts and provide the tools necessary to handle such requests with confidence. Proper due diligence, customer identification, and beneficial ownership requirements will be explained in detail.

Thornier issues regarding business transactions will also be tackled, including handling checks payable to the business, whether checks payable to a natural person should be deposited into a business account (or vice versa), and what it takes to replace account signers. And no business account training would be complete without covering Bank Secrecy Act (BSA) and fraud implications. Businesses can be victims of identity theft, used for laundering money, or be engaged in other illicit activities. Knowing the red flags for business accounts is critical to protecting your institution.


This informative session is directed to new account representatives, call center staff, tellers, business development personnel, compliance staff, and auditors.


  • Cheat sheet of opening requirements for business accounts: type of business, documents, and taxpayer identification numbers
  • Model beneficial ownership form and diagrams/examples
  • Internet resources for due diligence on business filings
  • Business account due diligence model questionnaire
  • Red flags for BSA and identity theft
  • Employee training log
  • Interactive quiz

SPEAKER:  Mary-Lou Heighes, Compliance Plus, Inc.

Mary-Lou Heighes is President and founder of Compliance Plus, Inc., which has assisted financial institutions with the development of compliance programs since 2000. She provides compliance training for trade associations and financial institutions. Mary-Lou has been an instructor at regulatory compliance schools, conducts dozens of webinars, and speaks at numerous conferences throughout the country.

Involved with financial institutions since 1989, Mary-Lou has over 25 years’ compliance experience. Before starting Compliance Plus in 2000, she spent five years working as a loan officer, marketer, and collector. She also worked at a state trade association for seven years providing compliance assistance and advising on state and federal legislative issues that affect financial institutions.