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#2265983 - 02/08/22 05:10 PM Risk Rate Authorized Signers
kway Offline
New Poster
Joined: Jan 2016
Posts: 1
Does your bank risk rate authorized signers on nonprofit accounts?

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BSA/AML/CIP/OFAC Forum
#2265987 - 02/08/22 05:26 PM Re: Risk Rate Authorized Signers kway
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 4,211
New York City
We only risk rate customers.
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"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

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#2266069 - 02/09/22 04:04 PM Re: Risk Rate Authorized Signers kway
JennKK2 Offline
Gold Star
Joined: Nov 2006
Posts: 278
-
customers only
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plan your Work and Work your Plan

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#2266071 - 02/09/22 04:08 PM Re: Risk Rate Authorized Signers kway
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 4,211
New York City
I should have said this in my first response, but welcome to BOL kway.
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

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#2266103 - 02/09/22 11:34 PM Re: Risk Rate Authorized Signers kway
Paul Offline
Junior Member
Joined: Jan 2019
Posts: 40
At a prior bank I worked at they risk rated signers; that was one of the first things I changes upon arrival. The account officers loved me because it was less work for them (we had a manual system).

Paul

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#2266124 - 02/10/22 03:28 PM Re: Risk Rate Authorized Signers kway
BowlingQueen Offline
Power Poster
Joined: Mar 2007
Posts: 2,920
Wisconsin
We only performed the new customer risk assessment on the customer. With that said, if it is known that an authorized signer is foreign/non-US citizen, we would add them to our high-risk list. We would perform periodic reviews to ensure account activity was as expected and/or not suspicious.
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Nothing changes, if nothing changes. (from a good friend of mine) smile

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