How can document management software reduce risk on dormant accounts?
Is annual board training of BSA a requirement or just strongly encouraged? At all report times and policy approval BSA is discussed in depth. Does anyone have some updated BSA board training material?
How soon can a client open another savings after we close the current account due to Reg D violations?
I have a possible prospect that would like to open a business account here and he has his business license and EIN number. The purpose of the business is Medical-marijuana dispensaries. We are a community bank and I want to know if it is legal to even open in the state of WA. I understand it is legal to have these dispensaries in the state of WA, will we be in compliance?
Do we have to have job specific training for BSA?
What does the Risk-Focused Examination (RFE) approach emphasize?
Have there been any recent regulatory changes which state that an account (CD, checking, savings etc), held in the names of husband and wife jointly, cannot be retitled and placed into a trust? Do these accounts have to be closed and a new account opened? Are there issues we should be aware of due to the retitling? If so, please specify.
How are banks impacted by the FACT Act?
Our compliance area is telling us we must disclose builder's risk insurance premiums and property tax information for SFR consumer construction loans subject to RESPA. Do you have a suggestion on where to get an estimate of builder's risk insurance for projects for disclosure purposes?
How in-depth should the training be for the Board of Directors in BSA? Is a general overview of BSA/AML/CIP along with an overview of the procedures in place sufficient for compliance?