We have a Trust Department (Asset Management) which is seperate from the Bank. During our recent OCC exam, they inquired what I am reviewing and/or monitoring on the Trust accounts.
Right now, our Trust system is seperate from our core operating system and I do not do any monitoring of transactions. They also never handle currency. While we were not cited during our exam for having inadequate monitoring, they did mention we should be reviewing Trust transactions. Does anyone else monitor this activity? If so, what types of reports are you looking at and what is the frequency?
I haven't had any luck finding guidance on this, other than CIP- which we are okay with. Any input is appreciated.
My opinion is mine only- not my employer's!