What policies and procedures should you and your credit union have in place to minimize compliance and fraud risk when you open new member accounts online?
Your Bank Secrecy Act compliance risk escalates when a new member comes to your credit union through the Internet instead of in person. There are also regulations like Truth-in-Savings and Privacy that require disclosures at account opening that need to be considered. Let compliance expert Jamin Carlisle give you the guidelines that should be included in your policies and procedures to control your risk without sacrificing new member convenience.
- Should you accept electronic copies of identification?
- Do the rules change for checking OFAC, CIP, and CDD when you open an account online?
- When should you make new deposit funds available? When must you make them available?
- When and how should you provide required disclosures?
- How soon must you issue any requested checks or debit cards?
Who Should Attend?
Credit union professionals who open or manage accounts online, especially in these departments:
- Call Center
- Member Service
- Risk Management
- Information Technology
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