Onboarding Form - Anticipated Activity

Posted By: BSALady5182

Onboarding Form - Anticipated Activity - 04/02/21 11:59 AM

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?
Posted By: rlcarey

Re: Onboarding Form - Anticipated Activity - 04/02/21 01:02 PM

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.
Posted By: ACBbank

Re: Onboarding Form - Anticipated Activity - 04/02/21 02:01 PM

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?
Posted By: BSALady5182

Re: Onboarding Form - Anticipated Activity - 04/02/21 02:38 PM

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.
Posted By: Goodland

Re: Onboarding Form - Anticipated Activity - 04/02/21 05:36 PM

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.
Posted By: BSALady5182

Re: Onboarding Form - Anticipated Activity - 04/03/21 12:10 PM

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?
Posted By: rlcarey

Re: Onboarding Form - Anticipated Activity - 04/03/21 01:13 PM

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?