Leonardo Federico has a great writeup on setting up a new AWS account detailed HERE. He takes you on a step by step journey, and whether a beginner or seasoned pro, provides a wealth of information.

Getting started with AWS account is something tricky especially when you're moving your first steps in the Cloud and you're so impatient to play (exactly as I did when I put this blog up on AWS) with all kinds of these amazing services. That's why having a solid checklist is something extremely important.

What he details is creating your root account, setting up a password policies and monitoring. If you are already working in AWS and would like to add to his checklist, he has posted to Reddit where others have chimed in as well.