Safe Deposit Box Disclosures, Due Diligence & Drilling
Safe deposit boxes (SDBs) are an essential and popular service. But did you know that neglecting proper maintenance and security measures can lead to compliance and legal issues? This session will explore the importance of having detailed procedures and strong controls for opening and maintaining SDBs. It will also reveal the issues examiners are finding. Don’t miss this thorough session!
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Understand safe deposit box risks, including security, compliance, and BSA
- Detail the differences between opening SDBs for consumers, businesses, trusts, and estates
- Develop a detailed process for past-due rent
- Handle procedures for when a lessee passes away
- Monitor for suspicious activity
- Determine when box contents are considered abandoned property
- Use provided tools to audit and review your safe deposit boxes
WEBINAR DETAILS
Safe deposit boxes are not the flashiest area of banking, but don’t let this regulatory “sleeper” fool you. Examiners have cited findings for lack of sufficient policies and procedures and inadequate controls. This is an area that institutions tend to “set and forget” – and it’s reflected in examination reports. Are you properly monitoring for suspicious activity? What happens if an SDB lessee passes away? When is it okay to drill a box? When do unclaimed property rules apply? If you hesitated in answering any of these questions, then this session is for you!
WHO SHOULD ATTEND?
This informative session is designed for new accounts personnel, branch staff, risk officers, compliance officers, and anyone responsible for managing your safe deposit boxes.
