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#2101390 - 10/03/16 01:31 PM Brokered Deposits
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 3,959
New York City
In addition to completing CIP on non-exempt brokers and spelling out the AML responsbilities in a written agreement, are Banks conducting any additional due diligence on brokers prior to entering into a business relationship?
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#2101460 - 10/03/16 06:36 PM Re: Brokered Deposits ACBbank
Jessesgirl Offline
Member
Joined: Nov 2008
Posts: 54
There's No Place Like Texas!
We are in the process of getting into this line of business and I've been consulting with another bank in my area who has been in it for several years. They approach it from a risk based perspective...higher risk brokers actually require additional EDD and BSA Officer approval prior to the establishment of a relationship. I have not yet fully defined what would be considered high risk versus low risk in this area, but I thought I would share what little information I do have!
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