Opening Deposit Accounts Online: Risks, E-SIGN, Compliance
Online account opening is becoming mainstream – but it’s not without risk. A cascade of compliance regulations apply, including BSA, CIP, CDD, E-SIGN, and more. Would you be able to identify a red flag? What about reporting suspicious activity? Are you adept at wading through the documentation? If all this seems like paddling upstream, this webinar will bring smooth sailing.
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 due diligence requirements for CIP
- Define and identify acceptable documents to open accounts and incorporate risk mitigation strategies into the new account process
- Determine if enhanced due diligence is 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 consumer 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 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.
