Somerset, Kentucky U.S.A

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Event Date Mon Aug 10 EDT (over 1 year ago)
Location Somerset
Kentucky U.S.A
Region Americas

There is a lot to know on the new accounts desk – federal regulations, state law, bank policy and procedures. This program provides answers and information.

This three-hour evening seminar makes sense of federal and state requirements and allowances and provides a strong foundation for adherence to the bank’s policies and procedures, especially in the areas of CIP, CDD, and IRS Taxpayer Identification Number (TIN) and titling requirements. The manual and presentation include information on questions required at onboarding and account opening, including obtaining beneficial ownership information and certification.

“Know your program” is the primary emphasis of the presentation and materials. After a decade of operating under CIP, many employees have developed account opening routines based on habit and hearsay rather than reference to the CIP-approved by the bank’s board. The importance of knowing what is required by the bank’s written CIP and CDD programs is stressed from beginning to end. Participants learn to look for answers to their day-to-day questions in the bank’s written policies, procedures, forms and disclosures.

There are three focal points:
• Understanding that the bank’s policies and procedures determine what is required or acceptable at account opening.
• Knowing the types of consumer, fiduciary, and commercial account ownerships recognized by Kentucky law.
• Recognizing documentation available to open accounts properly under federal regulation and state law.