Opening Accounts Online: CIP, CDD, Documentation, & Beneficial Ownership

After This Webinar You’ll Be Able To:

• Explain and implement the E-SIGN consent process to open accounts online
• Understand which deposit regulations are related to E-SIGN and have compliance provisions
• Use the most-recent BSA guidance to satisfy CIP due diligence requirements
• Define and identify acceptable documents to open accounts and incorporate risk mitigation into the new account process
• Document the requirements for accounts subject to beneficial ownership

Webinar Details

Compliance with E-SIGN requirements is one piece of the puzzle to opening accounts online, while knowing the “true identity” of the customer for BSA and CIP completes the process. 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? Learn about the additional controls needed to protect your financial institution and red flags for reporting suspicious activity. Important requirements will be covered, including:

• CIP required documentation and “reasonable belief” of the identity of the customer
• Risk-mitigation strategies
• Beneficial ownership criteria and documentation

Who Should Attend?
This informative session will ensure compliance with e-banking and is designed for compliance officers, risk managers, operations managers, business development managers, and others responsible for managing online banking, E-SIGN compliance, e-statements, and e-disclosures.

Take-Away Toolkit

• Current exam procedures and resources for online banking
• E-SIGN checklist and answers to common questions
• Employee training log
• Interactive quiz
• PDF of slides and speaker’s contact info for follow-up questions
• Attendance certificate provided to self-report CE credits

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.

Presenter
Susan Costonis, CRCM – Compliance Training & Consulting for Financial Institutions

Susan Costonis is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Costonis has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Costonis has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real-life examples.

Registration Options