2022 Deposit Ops Series

There are numerous laws and regulations that affect deposit operations beginning with new account opening, including identifying accountholders under the USA PATRIOT Act, OFAC compliance, Truth in Savings, and other disclosure requirements. Once the account is opened, there are requirements regarding transactions (including holds on deposits), Bank Secrecy Act monitoring requirements, reporting and recordkeeping, rules relating to checks, electronic funds transfers, account insurance, etc.

Trusts are a horse of a different color. They have distinct parameters and more risk than regular deposit accounts. Likewise, other fiduciary accounts must be treated differently. This webinar will address those differences, risks, documentation, authorizations, and potential pitfalls.

Tick tock! It’s that time of year again. Among other tax-reporting duties, you must report interest for nonresident aliens. Although a somewhat complicated issue, this webinar will break down each form into manageable, understandable pieces. After this program, you’ll find that NRA interest reporting has never easier.

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.

Financial institutions regularly hire new staff due to retirement, promotion, or turnover. As part of their comprehensive training, new employees must achieve a basic understanding of the four main payment systems. This session is designed to give new operations staff that baseline understanding. It will address checks, ACH, cards, and wire participants, plus rules and key considerations for all staff. After this session, attendees will be more confident in answering accountholders’ transaction inquiries.

This webinar will take the core document from the deposit accounts handbook and set up a working document so you can tailor your procedures into the framework provided. The working handbook in a Word document will save you time in the process. Find out how to blend state and federal law into an efficient new account process.