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Compliance for Opening Accounts Online

DATE
May 20, 2024
TIME
All day
LOCATION
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Event Details

RELEASE DATE: MAY 20, 2024
DURATION: 60 MINUTES

More and more credit unions are moving toward online account opening. Whether your credit union is new to electronic banking or has been doing it for years, are you confident that you are fully in compliance? What policies and procedures should you and your credit union have in place to minimize compliance and fraud risk when you open new member accounts online?

Your Bank Secrecy Act compliance risk escalates when a new member comes to your credit union through the Internet instead of in person. There are also regulations like Truth-in-Savings and Privacy that require disclosures at account opening that need to be considered. This session is designed to give you the guidelines that should be included in your policies and procedures to control your risk without sacrificing new member convenience.

You’ll get the answers to these questions and more:

  • What’s a digital signature and is it binding?
  • Should you accept electronic copies of identification?
  • Do the rules change for checking OFAC, CIP, and CDD when you open an account online?
  • When should you make new deposit funds available? When must you make them available?
  • When and how should you provide required disclosures?

 

MEET THE SUBJECT MATTER EXPERT:

Aux is a CUSO (Credit Union Service Organization) located in Lakewood, Colorado, near Denver. Our company has been around since 1992, originally founded to assist credit unions with shared branching and service centers. Although we have evolved over the past two decades into something much more complex and diverse, one thing remains the same: our core reason for existence. We are here to help the people “who help the people,” as the old credit union saying goes – to help credit unions help their members.

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