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Opening New Accounts Part I: Personal/Consumer Accounts
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When: 12:30 PM
Where: United States

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Program Content:

Opening new accounts is complicated! With fraudulent activity at an all-time high and ongoing onerous regulatory oversight and scrutiny, the need for new account training is paramount in order to maintain diligence as well as update processes and procedures. This two-hour workshop, which is Part 1 of a three part series, focuses on the new account opening procedures and compliance requirements for Personal and Consumer Accounts. Attendees will gain an understanding of proper documentation requirements, ownership options, proper account titling and who has authority to open and transact on the account during lifetime and at the death of a signer.

It is highly recommended you have a copy of your financial institution's account agreement and signature card to use as a reference during the session.

Covered Topics:
       • Managing Risk For the Financial Institution
       • New Account Opening Procedures
                  o Identiy Verification
                  o Previous Banking History Verification
                  o Comparison with Government Lists
                  o Proper TIN
                  o Client Notification/Disclosure Requirements
      • TIN Compliance
                 o Applying for an EIN
                 o Certifying a TIN
                 o W-8 and W-9 Requirements
                 o Backup Withholding
      • Personal/Consumer Accounts
                 o Personal Account Ownership Overview
                 o Individual/Single Party Accounts
                 o Joint/Multiple Party Accounts
                 o With and Without Right of Survivorship
                 o Agency Designation
                 o Payable on Death
                 o Adding and Deleting Signers
                 o Acccess vs.Ownership at the Death of a Signer
      • Opening Accounts for Minors
                 o Individual Account for a Minor
                 o Joint Account with a Minor
                 o Uniform Transfer Minor’s Account (UTMA)

Who Should Attend:
All customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts and certificates of deposit. Excellent for supervisors or officers who have recently assumed the responsibility of the new account area but have never actually worked in new accounts. Internal Auditors and Compliance Officers will find the information exceptionally beneficial as well.

Suzette (Suzie) Jones, CFP® is an associate trainer for Sunwest Training Corp. With 40 years of experience in the financial industry, Suzie most recently served as an Executive Vice President with an $11B financial organization where she was an active member of the AML, BSA, Personal/Corporate Risk and Non-Bank Product Risk committees. Suzie has focused her career on technical expertise in the areas of new accounts risk management, IRAs, qualified retirement accounts and investments. Suzie brings technical information to life with her engaging training style and in-depth knowledge. She holds the Certified Financial Planner (CFP®) professional designation.



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