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New Account Compliance Checklist

Gail Askins Cole of Compliance & Risk Management Consulting, LLC contributed a worksheet developed to help with meeting the compliance requirements when opening new deposit accounts. With so many additional requirements, disclosures, required data collection required by various regulations in recent years at the opening of deposit accounts, Gail noticed that her clients did not have any automated (from their core processors or platform vendors) or paper tools to insure that they have followed all the necessary steps and regulatory requirements required to open a deposit account.Gail uses the checklist in conducting deposit file compliance audit reviews.

Another benefit to a bank is to self-check system defaults against the checklist to insure that defaults have been correctly built, depending on the product.For example, the system does not need to print out the Reg. CC disclosure for CDs and savings/MMDA or IRAaccounts (unless the bank chose to make Reg. CC apply to all accounts as would be explained in the banks Reg. CC policy disclosure).

The checklist provides customer file proof that regulatory compliance, etc., was effected and performed. It provides a handy account opening and on-the-job training tool for account opening personnel who likely won?t bother to take the time to try to access a thick dusty paper or an online bank procedures manual to search for what to do.

First published on 05/09/2008

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