Kentucky Account Administration Workshop
Printed Item No: M-KAA
Electronic Item No: EM-KAA
This manual is the most comprehensive manual offered on the topic of bank accounts in Kentucky. The manual provides answers to questions routinely asked by customers and employees. The manual supports those answers with citations to laws, regulations, federal forms and publications.
The manual discusses Federal requirements at onboarding and account opening, and consumer accounts and fiduciary accounts. Federal requirements lay the foundation for “on-boarding” customers. Kentucky law regarding opening, access, titling, ongoing maintenance and death provisions for consumer accounts are covered in detail. We will also discuss Kentucky’s 2019 POA and financial exploitation laws in detail. Fiduciary relationships such as trusts, UTMA, Representative Payees, and benefit/memorial funds receive in-depth coverage.
the manual also puts the focus on business accounts. Federal laws and regulations relating to customer onboarding, payment of interest, disclosure requirements, Fair Credit Reporting Act third-party verification requirements and IRS TIN, titling and certification are just the beginning. The bank’s anti-money laundering program, including the customer due diligence and beneficial ownership requirements have a significant impact when opening accounts for legal entities. This manual addresses information you need to know when implementing these requirements in your bank. The different types of commercial entities recognized in Kentucky are defined and explained, and the available documentation is reviewed. Resolutions are examined in detail. The manual will also discuss the idea of a business account application, and the forms and information it may include.