Deposit Ops Series: Opening Accounts Online: CIP, CDD, Documentation & More 2022 | Financial Education & Development Inc. | 9 March 2022 | Webinar

Convenient, compliant, and contactless. Anything with those features is bound to be a hit with consumers. Does your institution allow online account opening? Do you understand the CIP, CDD, and documentation requirements? Join this webinar to get expert guidance on how to meet all the benchmarks and minimize risk.

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 (Customer Information Program)
• Define and identify acceptable documents to open accounts and incorporate risk mitigation strategies into the new account process
• Determine if enhanced due diligence steps are required to open the account

When opening accounts online, E-SIGN compliance is one piece of the puzzle, while knowing the “true identity” of the customer for BSA and CIP purposes completes the process. What additional “out-of-wallet” questions should be asked when accounts are opened online? How does electronic account opening impact BSA risk assessment? Learn about the additional controls needed to protect your financial institution and red flags for reporting suspicious activity in an online environment, including risk mitigation strategies and CIP required documentation and “reasonable belief” of the customer’s true identity.

2022 Presenter

Susan Costonis, CRCM
Compliance Training & Consulting for Financial Institutions