Opening Member Accounts Online
Opening accounts online is a major convenience for members, and it creates efficiencies for credit unions. Unfortunately, from a compliance perspective, it is also riddled with pitfalls. Your Bank Secrecy Act compliance risk escalates when a new member comes to your credit union through the Internet instead of in-person. There are also regulations like Truth-in-Savings and Privacy that require disclosures at account opening that need to be considered.
You must take care to minimize compliance and fraud risk when you open new member accounts online. Explore guidelines that should be included in your policies and procedures to control your risk without sacrificing new member convenience.
What You’ll Learn
- Accepting electronic copies of identification
- Rule changes for checking OFAC, CIP, and CDD
- When you should, and must make new deposit funds available
- When and how to provide required disclosures
- How ESIGN affects your online opening procedures
Who Should Attend
This webinar will benefit credit union professionals who open or manage accounts online.
Kristen Tatlock is a nationally-known speaker and compliance consultant with over 30 years of experience in the credit union compliance arena. Tatlock assists credit unions with issues ranging from advertising rules to bylaws, from Social Media compliance matters to Regulation Z, and just about every regulation and compliance concern in between.
Tatlock has earned Compliance and Bank Secrecy Act certifications from the two national credit union trade associations. She regularly presents compliance training programs for CUNA, NAFCU, and many state Leagues around the country. She has also edited and revised numerous compliance training courses and modules for CUNA CPD and has authored several articles for various CUNA publications.
- Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts – $279
- Available Upgrades:
- 12 Months OnDemand Playback + $70
- 12 Months OnDemand Playback + CD + $100
- Additional Live Access + $50 per person