Account & Loan Documentation Series: Opening Deposit Accounts Online: Rules, Risks & Best Practices
Contactless account opening is becoming more popular – but it’s a different animal than opening deposit accounts in person. It’s also more than just establishing E-SIGN with the would-be accountholder. How do you firmly establish “true identity”? What questions should be asked? What about the BSA risk assessment process? Attend this program to improve your understanding of the risks, rules, and best practices for opening deposit accounts online.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Explain and implement the six-step consent process to open “no-contact” accounts
- Understand which deposit regulations are related to E-SIGN and have specific compliance provisions
- Use the most recent BSA guidance for satisfying the CIP due diligence requirements
- Define and identify acceptable documents to open accounts
- Incorporate risk mitigation strategies into the new account process
- Determine if enhanced due diligence steps are required to open the account
WEBINAR DETAILS
Opening deposit accounts online is a different process than in person. Compliance with E-SIGN requirements is one piece of the puzzle. Knowing the “true identity” of the customer for BSA and CIP purposes completes it. What additional out-of-wallet questions should be asked when accounts are opened online? How does electronic account opening impact the BSA risk assessment process? Attend this detailed program to learn about the additional controls needed to protect your financial institution and about red flags for reporting suspicious activity.
WHO SHOULD ATTEND?
This informative session will help ensure compliance with e-banking and is targeted for compliance officers, risk managers, deposit operations managers, business development managers, and others responsible for managing online banking, E-SIGN compliance, e-statements, and e-disclosures for deposit accounts.
