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#2251729 - 04/02/21 11:59 AM Onboarding Form - Anticipated Activity
BSALady5182 Offline
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Joined: Aug 2020
Posts: 11
I am trying to come up with sensible tiers for the Anticipated Activity at Onboarding. Currently our form is free form which leaves it open for branches inputting large ranges. Are you aligning your tiers based on your AML Risk Rating Model?

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#2251731 - 04/02/21 01:02 PM Re: Onboarding Form - Anticipated Activity BSALady5182
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 76,433
Galveston, TX
That seems the logical thing to do in order to align with an initial risk rating of a new customer. If you allow free form the data is probably even more meaningless.
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#2251740 - 04/02/21 02:01 PM Re: Onboarding Form - Anticipated Activity BSALady5182
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 3,916
New York City
I would be careful about free in puts unless you really trust your on boarding personnel. What good is the anticipated activity if the range if $1 - $10,000,000?
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#2251741 - 04/02/21 02:38 PM Re: Onboarding Form - Anticipated Activity ACBbank
BSALady5182 Offline
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Joined: Aug 2020
Posts: 11
I am revamping the form as this was put in place by the former Compliance employee. Agree - with free form you're opening yourself to many issues.

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#2251766 - 04/02/21 05:36 PM Re: Onboarding Form - Anticipated Activity BSALady5182
Goodland Offline
Junior Member
Joined: Nov 2015
Posts: 26
Onboarding activity is based on statistics and standard deviation. Knowing that 98% of consumer have less then $500 cash monthly helps define starting point of the range and so on.

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#2251787 - 04/03/21 12:10 PM Re: Onboarding Form - Anticipated Activity Goodland
BSALady5182 Offline
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Joined: Aug 2020
Posts: 11
How many tiers is appropriate and I am going to assume it will have to go in line with the risk scoring in the system?

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#2251789 - 04/03/21 01:13 PM Re: Onboarding Form - Anticipated Activity BSALady5182
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 76,433
Galveston, TX
Can I ask what do you do with this information. If it is entered into your risk scoring system, it would not make much sense to have tiers that are different than how you score customers. If you are not doing anything with it - why collect it at all?
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