Opening Deposit Accounts Online: CIP, CDD, W-9, Signature Cards and More Regulatory Issues
Opening deposit accounts online is now becoming a way of life instead of an exception.
In building your system, you will not only need your marketing people involved from the outset but also your compliance team. The question is how to comply with all the new account opening procedures using the online mechanism and meet examiner expectations and scrutiny.
The process should engage your customer but not put your financial institution in the regulatory hot seat. The life cycle of this service will be examined from start to finish, and you will be provided with checklists and thoughts about how to begin offering this service or check your existing process.
- Adding this service to your BSA risk assessment
- CIP, CDD and other issues in identifying the accountholder
- A Checklist of how to accomplish the regulatory process online
- Special issues on withholding, nonresident aliens, and other IRS issues
- Federal disclosures and their delivery
- Funding of the account
- Signatures, Ownership, access and signature card requirements
- FDIC, Patriot Act and other signage
- Putting the pieces together for compliance and risk management
Branch Administration, CIP coordinators, branch operations, retail areas of the financial institution that are affected, Bank Secrecy Personnel, Compliance officers and managers.
Deborah Crawford is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 20+ year career in banking and training began at Hibernia National Bank. She has been a seminar leader for many state associations and credit union groups across the nation. She has Bachelors and Masters degrees from Louisiana State University.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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