Opening Deposit Accounts Online: CIP, CDD, W-9, Signature Cards and More Regulatory Issues

Opening deposit accounts online is becoming a way of life instead of an exception. When building your system, you will not only need your marketing people involved from the outset but also your compliance team. The question is how to comply with all the new account opening procedures using the online mechanism, as well as meet examiner expectations and scrutiny. The process should engage your customer, but not put your financial institution in the regulatory hot seat. We'll examine the life cycle of this service from start to finish, and you'll receive checklists and ideas about how to begin offering this service or check your existing process.

Covered Topics:

  • Adding this service to your BSA risk assessment
  • CIP, CDD and other issues in identifying the accountholder
  • A checklist of how to accomplish the regulatory process online
  • Special issues on withholding, nonresident aliens, and other IRS topics
  • Federal disclosures and their delivery
  • Funding of the account
  • Signatures, ownership, access and signature card requirements
  • FDIC, Patriot Act and other signage
  • Putting the pieces together for compliance and risk management

Who Should Attend?

Branch Administration, CIP coordinators, branch operations, retail areas of the financial institution that are affected, Bank Secrecy Personnel, Compliance officers and managers.