Account Opening and Maintenance: Rapid Fire

What this video covers

• Why collection, verification under the Customer Identification Program (CIP), and Know Your Customer (KYC) diligence are three separate duties with separate timing rules
• How verification can occur within a reasonable time before or after opening, and why failed verification does not trigger automatic account closure
• The $50 million total-assets threshold for institutional customer status, and why corporate registration alone is never enough
• The distinction between account acceptance (partner, officer, or manager signature) and transaction authority (separate naming of each authorized person)
• Why maintain (current or in-use) and preserve (no longer current or in use) are not synonyms, and the two retention clocks: 5 years for identity records, 6 years for account information
• When an existing outside account gets 30 calendar days for consent and notice, versus when a new outside account needs pre-opening approval
• Why trustee-to-trustee transfers and direct rollovers have no yearly limit, customer-received individual retirement account (IRA) rollovers face a 60-day deadline and a one-per-year limit, and required minimum distributions can never become rollovers
• The 2026 contribution limits for traditional and Roth IRAs, SEP IRAs, SIMPLE IRAs, and 401(k)/403(b)/457(b) plans, including catch-up amounts at age 50+
• Why the actual product, not illiquidity or any single feature, determines which disclosure document must be delivered