Developing new account and deposit operations procedures for fiduciary accounts is not an easy task. Your account holder, the federal government or the court has named someone legally to act on his or her behalf. Now what?
Creating and maintaining a Culture of Compliance in your organization is to the success of your BSA/AML compliance grogram as a sturdy foundation is to the safety and security of your home or the buildings where you work.
Recorded on July 11, 2017
Why Did CDD Deserve to be the 5th Pillar Rather Than CIP?
BSA Compliance is only applicable for deposit accounts and primarily for individuals that conduct transactions above $10,000 or other suspicious transactions, isn’t it? Actually No! The definition of “account” in the BSA includes all loans.
Compliance often focuses on change; whether it is focused on a new regulation or deregulation, the constant in compliance is “change.” Still, we can’t ignore the current rules whether they’re two months or two decades old, because examiners continue
Does your frontline understand the legal and regulatory issues when opening an account? Your signature card and deposit account agreement include complicated check handling, ownership, rights at death and regulatory provisions.