Business Accounts: Setup, Management & Authority | Community Bankers Webinar Network | 20 September 2023 | Virtual

A lot goes into setting up and properly handling business accounts. This webinar will look at the various structures a business can take, the documentation required for each type, the documents necessary to determine authority over the account, as well as the BSA beneficial ownership requirements. Once opened, your institution is responsible for ensuring that transactions are handled correctly and monitored for unusual or suspicious activity. Oftentimes new or smaller businesses don’t clearly understand the distinction between business and personal transactions or the institution’s need to confirm the authority of persons attempting to transact on behalf of the business. This session will explore the entire process from onboarding to closing and everything in between. When would an institution need to request updated beneficial ownership or due diligence information? How should requests for changes in authorized signers be handled? What should be done when setting up accounts for multiple businesses operating under one tax ID number? Join us to learn the answers to these questions and more.

2023 Speaker

Mary-Lou Heighes
President and Founder, Compliance Plus, Inc.