Hi All! I am new in Compliance, not banking.

I was asked to research online deposit account opening procedures. Please let me know where I should start, or if anyone can send theirs to me. PLEASE

Make sure that your disclosures are out there. An "I have read these terms and conditions and agree" 'type' of button would be useful. Make sure the consumer has to scroll through the disclosures before they get to click...

Some topics to consider:

will you restrict this to existing customers or will you open it up to new customers to the bank
will you expand the market area from your current area
will you include consumer and business accounts
will you be going into new states and need to consider state laws
the online aspects of regulations covering your products (TISA, Reg D, Reg E, Reg P, OFAC, BSA, CIP, OFAC, COPPA, FACT Act, etc.)
E-sign requirements
Signature cards - physical cards (yes or no); if no will you allow these customers to have checks...you will have two procedures if a no signature card customer comes to a branch
How will you approve CIP and clear discrepancies
How will you deal with potential OFAC matches
Authentication
Fraud - will need to watch for new things like multiple new accounts being opened that are funded from the same external account
Funding methods-ach, wire, checks?
Account number issuance (secure email?)
Vendor management

Thank you for a starting point!!! There are a lot of things to consider...head spinning I get the feeling we are opening it to new customers, not only existing.

If so, I hope you are planning to outsource CIP ID verification to ensure you can properly ID the individual establishing the account or stop the process before it falls into you lap. I can't imagine it working smoothly any other way.

If you haven't gotten that far, I recommend you speak with some online verification services to understand the pros and cons before you move forward. Even if you decide not to use them, you'll better understand what you are getting into.

We open accounts online and use Umonitor to assist with the CIP and OFAC checks and auth checks too. Meets the requirements with the regulators and have had no fraud that has gotten away from us.

I'll look into them, thanks