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Opening Business Deposit Accounts-CIP and Beneficial Ownership

Beneficial ownership rules impact our business account procedures. During this program we will focus on all the business account types and add the beneficial ownership procedures to those standards. You will look at CIP both documentary and nondocumentary procedures for business accounts. We will also map some complicated business structures and talk more about drilling down. This program will include IRS reporting rules, exemptions and when to use SSN or EIN on some types of accounts.

Program Highlights

  • How to complete the W-9 or substitute W-9 with business types and exemptions
  • Sole Proprietors
  • Qualified Joint Ventures
  • Partnerships
  • LLC-Single Member, Multiple Member, Low Profit LLCs and Series LLC
  • Corporations-S and C
  • Agents, Escrows and IOLTA
  • Drilling down for beneficial ownership
  • Resolutions and signature Cards
  • New Account Interview and Risk rating business customers

New Accounts, Personal Bankers, Branch Administration, Deposit Operations, CIP Managers, BSA Officers, Training and Business Development Personnel

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