Description:Participants will learn what is required at account opening under federal regulations and why it is important. Participants are continually reminded to KNOW their CIP and CDD policies and procedures. Information on opening consumer accounts is also included. Effective September 2015 (revised September 2017), the bank began providing consumers with account ownership options using a mandatory statutory disclosure when opening a new account or modifying an existing account. This program explains when the disclosure is required and how it is used. The disclosure content is used to explain account ownerships to participants, just as they should use it to inform customers of their ownership options.
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