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Event Date |
Thu Sep 12 CDT (about 5 years ago)
In your timezone (EST): Thu Sep 12 3:00pm - Thu Sep 12 4:30pm |
Region | Americas |
Many states have established laws defining the legal ownership of minor accounts, including Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) accounts. Although state-specific statutes will not be covered, this session will address key challenges and offer practical solutions for opening minor accounts.
Attendance certificate provided to self-report CE credits.
Highlights:
• Deposit account options for minors, including savings, UTMA, and joint accounts
• What questions should be asked at account opening?
• Documentation requirements, including signature card completion and account changes
• Who is authorized to make changes and withdraw funds?
• What if the minor child or UTMA custodian dies?
• Online access considerations
• BSA, CIP, and CDD rules
• Red flags for potential fraud and money laundering with minor accounts
Take-Away Toolkit:
• Account opening worksheet for savings, UTMA, and joint accounts
• CIP workflow for minor accounts, including documenting the “customer” under the rules
• List of trouble spots for these account types
• Potential SAR filing reasons for minor accounts
• Account closing checklist
• Employee training log
• NEW – Interactive quiz
Who should attend?
This informative session is designed for new accounts representatives, call service representatives, branch managers, assistant branch managers, branch administration, deposit operations staff, BSA/CIP staff, and anyone who works with or manages the new accounts function.
2019 Speaker
PRESENTER:
Susan Costonis, CRCM
Compliance Consulting and Training for Financial Institutions