The 2020 pandemic forced many financial institutions to open accounts electronically and follow E-SIGN when branches were temporarily closed. Learn the six-step consent process, common pitfalls, and more.
- Explain and implement the six-step consent process to open “no-contact” accounts
- Understand which deposit regulations are related to E-SIGN and have specific compliance provisions
- Use the most recent BSA guidance for satisfying the due diligence requirements for CIP (Customer Identification Program)
- Define and identify acceptable documents to open accounts and incorporate risk mitigation strategies into the new account process
- Determine when enhanced due diligence steps are required to open an account
The 2020 pandemic forced many financial institutions to open accounts electronically and follow E-SIGN when branches were temporarily closed. This fast-paced session will explore the six-step consent process. Learn best practices for opening accounts and completing signature cards, as well as common pitfalls. Other important topics will be covered, including risk mitigation strategies, vendor management, and required documentation for CIP in order to form a “reasonable belief” of the true identity of the customer.