The new Beneficial Ownership rule adds the CDD Fifth Pillar to the AML program requirements for (a) developing a customer risk profile, (b) conducting ongoing monitoring for reporting suspicious transactions and, (c) updating customer information. What CIP procedures should we follow when a business client provides online banking access for an employee who has the authority to initiate transfers or make bill payments?
Are security guards a good deterrent for bank robberies?
Our bank requires that all new employees pass a criminal background history check before hiring: however, we understand that temporary employees are not subjected to the same hiring standards. Is this legal?
What areas does a bank security officer typically oversee?
Which internal control is better for handling cash in branch office ATM vaults - Dual Control/Dual Custody or Dual Presence?