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Opening deposit accounts online is becoming a way of life instead of an exception. In building your system, you will need not only your marketing people involved from the outset, but also your compliance team.
The question is how to comply with all the new account opening procedures using the online mechanism and meet examiner expectations and scrutiny. The process should engage your customer, but not put your financial institution in the regulatory hot seat.
We'll examine the life cycle of this service from start to finish, and you'll receive checklists and thoughts about how to begin offering this service or check your existing process.
covered topics:- Adding this service to your BSA risk assessment
- CIP, CDD and other issues in identifying the account holder
- A checklist of how to accomplish the regulatory process online
- Special issues on withholding, nonresident aliens, and other IRS issues
- Federal disclosures and their delivery
- Funding of the account
- Signatures, ownership, access and signature card requirements
- FDIC, Patriot Act and other signage
- Putting the pieces together for compliance and risk management
Branch administration, CIP coordinators, Branch operations, Retail areas of your financial institution that are affected, BSA personnel, Compliance officers and Managers.
Total Training Solutions has produced dozens of videotapes, cd-roms and self-paced online compliance training programs. These programs constantly receive high acclaim and are recognized as some of the best in the industry.
We have worked exclusively with the financial industry since our founding. Because of this, we understand the needs of training departments in financial institutions and are alert to changes which affect the industry. We maintain a network of consultants throughout the country who serve as subject matter experts when needed.
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