Opening Accounts Online: CIP, CDD, Documentation & Beneficial Ownership

Compliance Frontline & New Accounts IRA & HSA Marketing Operations

On-Demand Webinar:

StreamedApr 6, 2023Duration90 minutes

Unlimited & shareable access starting two business days after live stream
Available on desktop, mobile & tablet devices 24/7
Take-away toolkit
Ability to download webinar video
Presenter's contact info for questions

See Registration Options

Online account opening is here to stay.

A cascade of regulations apply, including BSA, CIP, CDD, E-SIGN, beneficial ownership, and more. Would you be able to identify a red flag? Are you adept at wading through the documentation? If all this seems like paddling upstream, this webinar will bring smooth sailing.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

Explain and implement the E-SIGN consent process to open accounts online
Understand which deposit regulations are related to E-SIGN and have compliance provisions
Use the most-recent BSA guidance to satisfy CIP due diligence requirements
Define and identify acceptable documents to open accounts and incorporate risk mitigation into the new account process
Document the requirements for accounts subject to beneficial ownership

WEBINAR DETAILS

Compliance with E-SIGN requirements is one piece of the puzzle to opening accounts online, while knowing the “true identity” of the customer for BSA and CIP completes the process. What additional “out of wallet” questions should be asked when accounts are opened online? How does electronic account opening impact the BSA risk assessment process? Learn about the additional controls needed to protect your financial institution and red flags for reporting suspicious activity. Important requirements will be covered, including:

CIP required documentation and “reasonable belief” of the identity of the customer
Risk-mitigation strategies
Beneficial ownership criteria and documentation

WHO SHOULD ATTEND?

This informative session will ensure compliance with e-banking and is designed for compliance officers, risk managers, operations managers, business development managers, and others responsible for managing online banking, E-SIGN compliance, e-statements, and e-disclosures.

TAKE-AWAY TOOLKIT

Current exam procedures and resources for online banking
E-SIGN checklist and answers to common questions
Employee training log
Interactive quiz
PDF of slides and speaker’s contact info for follow-up questions
Attendance certificate provided to self-report CE credits

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.