Legal Aspects for New Account Representatives

Overview/Description
 This course addresses laws and legal regulations associated with new accounts. Learners will complete activities that will help them explain to customers the legal regulations governing new accounts. The responsibilities of financial service representatives will also be addressed.

Target Audience
 New and experienced account representatives, personal bankers, and other banking professionals who work with new accounts

Expected Duration
2.0 hours

Lesson Objectives:

Federal Deposit Insurance Corporation (FDIC)

  • identify the benefits of the FDIC.
  • identify the intentions of the FDIC.
  • differentiate between the various types of FDIC-insured personal accounts.
  • identify FDIC insurance limitations, and exceptions to those limitations.

    • Banking Acts and Regulations

  • identify the benefits of understanding banking acts and regulations.
  • identify the definitions of key banking regulations.
  • differentiate between the reporting instruments of the Bank Secrecy Act.
  • apply the correct Bank Secrecy Act guidelines in a given scenario.
  • identify the role of the Office of Foreign Asset Control (OFAC).
  • recognize circumstances that warrant checking OFAC listings.

    • Disclosures and Regulatory Compliance

  • identify the benefits of knowing about mandatory disclosures and proper regulatory compliance.
  • define key regulations that govern lobby disclosures.
  • identify compliance issues governing the opening of new accounts.
  • apply compliance basics in a given scenario.
  • differentiate between new account disclosures.
  • identify the proper IRS compliance procedures when opening an account.

    • Course Number: FS0208