Email to Order the Recording + Free Digital Download
Imaged documents are prevalent on both the deposit side and the credit side of your financial institution. Every day, your institution processes numerous imaged checks and deposit records. Image technology can make transactions more convenient, but it also can complicate matters. Do you know the legal requirements for imaged checks? Which original documents must be retained and which can be destroyed? Not all imaged documents are treated the same under the law. Understanding the rules can protect your institution from costly mistakes.
HIGHLIGHTS
Review of the Electronic Signatures in Global and National Commerce Act (E-SIGN Act)
What is the distinction between an imaged document and an electronic signature?
When is an imaged document legally enforceable?
When do courts require the original document?
When can the original be destroyed after the document or check is imaged?
Can a third party require you to keep the original document after it has been imaged?
How do you properly protect and destroy electronically stored information?
TAKE-AWAY TOOLKIT
Sample document retention policy language that authorizes use of imaged documents
Special provisions to obtain consent from consumers for the use of imaged documents
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Both the deposit and the credit sides of your institution, including deposit and loan operations, officers, managers, auditors, compliance personnel, and others involved in document imaging, storage, and retrieval.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP, a partner where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
Showing posts with label Deposit Operations. Show all posts
Showing posts with label Deposit Operations. Show all posts
(Recording + Free Digital Download) Everything You Need to Know About Regulation CC: Holds, Funds Availability, Compliance & More
Email to order the Recording + Free Digital Download
Regulation CC can seem straight forward, but examiners are still finding weaknesses and violations. This webinar will describe the requirements for applying check holds, explain an easy-to-implement monitoring process, dissect the required funds availability policy, and cover substitute check requirements. Reg CC holds are an important tool to protect assets. Learn how to handle them with confidence! This fast-paced update will also ensure staff members comply with annual training requirements.
HIGHLIGHTS
Components of the various notices required by Regulation CC
Explanation of a case-by-case hold and the six exception holds
Monitoring process to quickly evaluate the accuracy of a hold
How to audit for Regulation CC, including your processing system
Disclosure requirements for substitute checks
General provisions governing substitute checks
Training ideas for frontline staff
TAKE-AWAY TOOLKIT
Reg CC color-coded cheat sheet for determining the appropriate hold period
Sample Regulation CC policy, including Check 21
Monitoring checklist for quickly reviewing the accuracy of each hold
Substitute check claim form
Worksheets with sample transactions to test hold knowledge, complete with answer key
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Compliance officers, frontline staff, new accounts personnel, deposit operations employees, and auditors.
ABOUT THE PRESENTER – Molly Stull, Brode Consulting Services, Inc., began her career as a teller while working on her undergraduate degree and has continued working in the financial industry ever since. She has experienced the growth of a hometown bank, acquisitions of branches, mergers, charter changes, name changes, etc. Molly has activated business resumption plans, performed secondary market quality control reviews, processed wires, filed SARs, and coordinated reviews with external auditors and examiners. Her favorite role has always been educating staff and strongly believes that if staff understands the reason for a process they will be more compelled to follow the procedures. Molly has holds a Bachelor’s from the University of Akron and an MBA from Ashland University.
Regulation CC can seem straight forward, but examiners are still finding weaknesses and violations. This webinar will describe the requirements for applying check holds, explain an easy-to-implement monitoring process, dissect the required funds availability policy, and cover substitute check requirements. Reg CC holds are an important tool to protect assets. Learn how to handle them with confidence! This fast-paced update will also ensure staff members comply with annual training requirements.
HIGHLIGHTS
Components of the various notices required by Regulation CC
Explanation of a case-by-case hold and the six exception holds
Monitoring process to quickly evaluate the accuracy of a hold
How to audit for Regulation CC, including your processing system
Disclosure requirements for substitute checks
General provisions governing substitute checks
Training ideas for frontline staff
TAKE-AWAY TOOLKIT
Reg CC color-coded cheat sheet for determining the appropriate hold period
Sample Regulation CC policy, including Check 21
Monitoring checklist for quickly reviewing the accuracy of each hold
Substitute check claim form
Worksheets with sample transactions to test hold knowledge, complete with answer key
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Compliance officers, frontline staff, new accounts personnel, deposit operations employees, and auditors.
ABOUT THE PRESENTER – Molly Stull, Brode Consulting Services, Inc., began her career as a teller while working on her undergraduate degree and has continued working in the financial industry ever since. She has experienced the growth of a hometown bank, acquisitions of branches, mergers, charter changes, name changes, etc. Molly has activated business resumption plans, performed secondary market quality control reviews, processed wires, filed SARs, and coordinated reviews with external auditors and examiners. Her favorite role has always been educating staff and strongly believes that if staff understands the reason for a process they will be more compelled to follow the procedures. Molly has holds a Bachelor’s from the University of Akron and an MBA from Ashland University.
(Recording + Free Digital Download) BSA Compliance Series: FinCEN’s CDD Rules & BSA Compliance: Why Preparing Now for the Fifth Pillar is Critical
Email to order the Recording + Digital Download
This webinar will address two issues regarding the fifth pillar of the new customer due diligence rules. First will be an overview of changes that mandate additional procedures to “understand the nature and purpose” of the legal entity relationship to develop a “reasonable” risk profile. The second will be how to conduct ongoing monitoring to identify and report suspicious transactions and, on a risk basis, maintain and update accountholder information. FinCEN provided ample lead time to navigate these substantial changes to policies, procedures, forms, and effective monitoring processes. Regulators will expect financial institutions to have an implementation plan well in advance of the May 11, 2018, effective date to meet these challenges.
HIGHLIGHTS
How to comply with the four core elements of the CDD rules
Customer identification and verification
Beneficial ownership identification and verification of a “legal entity”
Understand the nature and purpose of customer relationships to develop a customer risk profile
Ongoing monitoring for suspicious transactions, and, on a risk basis, maintaining and updating customer information
Documenting the two-prong test for beneficial ownership and control of a legal entity
What does the frontline and lending staff need to know?
How will BSA staff, operations, and the audit function support the new rules?
What new internal controls will be required?
Tips to identify suspicious activity, beginning with establishing an activity baseline at account opening
Four unique sources of risk for legal entity accounts, including terrorist financing, money laundering, business identity theft or fraud, and business account takeover
Events that may trigger an update to the risk profile for both loan and deposit accounts
TAKE-AWAY TOOLKIT
CDD checklists under the new rules
Risk profile template
Sample CDD policy
Procedures template for identifying and verifying beneficial owners
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? BSA officers, BSA personnel, deposit operations staff, loan operations employees, loan officers, risk managers, compliance officers, new accounts staff, and auditors.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
This webinar will address two issues regarding the fifth pillar of the new customer due diligence rules. First will be an overview of changes that mandate additional procedures to “understand the nature and purpose” of the legal entity relationship to develop a “reasonable” risk profile. The second will be how to conduct ongoing monitoring to identify and report suspicious transactions and, on a risk basis, maintain and update accountholder information. FinCEN provided ample lead time to navigate these substantial changes to policies, procedures, forms, and effective monitoring processes. Regulators will expect financial institutions to have an implementation plan well in advance of the May 11, 2018, effective date to meet these challenges.
HIGHLIGHTS
How to comply with the four core elements of the CDD rules
Customer identification and verification
Beneficial ownership identification and verification of a “legal entity”
Understand the nature and purpose of customer relationships to develop a customer risk profile
Ongoing monitoring for suspicious transactions, and, on a risk basis, maintaining and updating customer information
Documenting the two-prong test for beneficial ownership and control of a legal entity
What does the frontline and lending staff need to know?
How will BSA staff, operations, and the audit function support the new rules?
What new internal controls will be required?
Tips to identify suspicious activity, beginning with establishing an activity baseline at account opening
Four unique sources of risk for legal entity accounts, including terrorist financing, money laundering, business identity theft or fraud, and business account takeover
Events that may trigger an update to the risk profile for both loan and deposit accounts
TAKE-AWAY TOOLKIT
CDD checklists under the new rules
Risk profile template
Sample CDD policy
Procedures template for identifying and verifying beneficial owners
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? BSA officers, BSA personnel, deposit operations staff, loan operations employees, loan officers, risk managers, compliance officers, new accounts staff, and auditors.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
(Recording + Free Digital Download) Identifying Fraudulent Transactions: Including Recent FinCEN Advisory on Email Fraud Schemes
Email to order the Recording + Free Digital Download
Fraudulent transactions are dramatically increasing – and fraudsters are becoming more sophisticated. Your financial institution and accountholders could easily become innocent, unsuspecting parties that suffer big losses. Virtually every day a new warning is issued by the media or regulatory agencies, including the recent FinCEN advisories on email fraud schemes and cyber-enabled crime. However, it isn’t only electronic schemes that are growing. Counterfeit check fraud also continues to plague financial institutions. It is imperative that your financial institution has sufficient procedures for identifying and thwarting fraudulent transactions before it is too late. This webinar will explain how to identify the red flags of a potentially fraudulent transaction and steps to protect against loss.
HIGHLIGHTS
Common deposit account fraud schemes
Debit card fraud schemes
Procedures for identifying potentially fraudulent transactions
Steps to protect your financial institution from monetary and reputation loss
Working with accountholders who are fraud victims
TAKE-AWAY TOOLKIT
FinCEN Advisory to Financial Institutions on E-Mail Compromise Fraud Schemes
FinCEN Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
DON’T MISS THIS RELATED WEBINAR!
Creating an Effective Suspicious Activity Program: Efficiency, Examinations & Fraud on Wednesday, July 19, 2017
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Frontline employees, tellers, service representatives, deposit operations personnel, compliance staff, auditors, and managers.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP, is a partner where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
Fraudulent transactions are dramatically increasing – and fraudsters are becoming more sophisticated. Your financial institution and accountholders could easily become innocent, unsuspecting parties that suffer big losses. Virtually every day a new warning is issued by the media or regulatory agencies, including the recent FinCEN advisories on email fraud schemes and cyber-enabled crime. However, it isn’t only electronic schemes that are growing. Counterfeit check fraud also continues to plague financial institutions. It is imperative that your financial institution has sufficient procedures for identifying and thwarting fraudulent transactions before it is too late. This webinar will explain how to identify the red flags of a potentially fraudulent transaction and steps to protect against loss.
HIGHLIGHTS
Common deposit account fraud schemes
Debit card fraud schemes
Procedures for identifying potentially fraudulent transactions
Steps to protect your financial institution from monetary and reputation loss
Working with accountholders who are fraud victims
TAKE-AWAY TOOLKIT
FinCEN Advisory to Financial Institutions on E-Mail Compromise Fraud Schemes
FinCEN Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
DON’T MISS THIS RELATED WEBINAR!
Creating an Effective Suspicious Activity Program: Efficiency, Examinations & Fraud on Wednesday, July 19, 2017
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Frontline employees, tellers, service representatives, deposit operations personnel, compliance staff, auditors, and managers.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP, is a partner where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
(ON DEMAND) The CFPB’s Four Ds of Fair Lending: Deceptive Marketing, Debt Traps, Dead Ends & Discrimination
Email to Order the Recording + Free Digital Download
The CFPB continues to monitor complaints, issue enforcement actions, and discuss the four Ds: deceptive marketing, debt traps, dead ends, and discrimination. Is your institution at risk for any of these fair lending violations? Join this informative session to learn the latest lessons from enforcement actions and proposed regulation changes. Learn key strategies to implement and maintain an effective complaint program. Specific examples will be given for each of the four Ds to help you evaluate potential risks and a variety of tools and resources to proactively manage compliance expectations will be provided.
HIGHLIGHTS
UDAAP concepts explained in simple terms, with real life examples
Marketing practices must be reviewed closely
Fair lending in underwriting, pricing, and collections will be held to new discrimination standards
The CFPB has issued many UDAAP enforcement actions
$100 million fine in September 2016 for “widespread unlawful sales practices” because the bank’s employees secretly opened accounts and shifted funds without consumers’ knowledge or permission – which often incurred fees or other charges
What do employees need to understand about “consumer harm”?
UDAAP issues center on internal controls, compensation, telemarketing, third-party arrangements, and consumer complaints
Is your complaint program in compliance with the latest regulatory guidance?
Seven simple steps to avoid enforcement actions and damages to your reputation
TAKE-AWAY TOOLKIT
Complaint policy, procedures, and tracking form that can be modified for your use
UDAAP compliance resources and regulatory guidance, including FTC guidelines and regulatory resources
UDAAP risk assessment checklist
Matrix covering four key UDAAP risks in the retail footprint, strategic direction, operational concerns, and regulatory environment
Checklist for evaluating consumer harm
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Lenders, compliance officers, risk managers, senior management, branch managers, customer service managers, loan and deposit operation managers, marketing staff, and product development specialists.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
The CFPB continues to monitor complaints, issue enforcement actions, and discuss the four Ds: deceptive marketing, debt traps, dead ends, and discrimination. Is your institution at risk for any of these fair lending violations? Join this informative session to learn the latest lessons from enforcement actions and proposed regulation changes. Learn key strategies to implement and maintain an effective complaint program. Specific examples will be given for each of the four Ds to help you evaluate potential risks and a variety of tools and resources to proactively manage compliance expectations will be provided.
HIGHLIGHTS
UDAAP concepts explained in simple terms, with real life examples
Marketing practices must be reviewed closely
Fair lending in underwriting, pricing, and collections will be held to new discrimination standards
The CFPB has issued many UDAAP enforcement actions
$100 million fine in September 2016 for “widespread unlawful sales practices” because the bank’s employees secretly opened accounts and shifted funds without consumers’ knowledge or permission – which often incurred fees or other charges
What do employees need to understand about “consumer harm”?
UDAAP issues center on internal controls, compensation, telemarketing, third-party arrangements, and consumer complaints
Is your complaint program in compliance with the latest regulatory guidance?
Seven simple steps to avoid enforcement actions and damages to your reputation
TAKE-AWAY TOOLKIT
Complaint policy, procedures, and tracking form that can be modified for your use
UDAAP compliance resources and regulatory guidance, including FTC guidelines and regulatory resources
UDAAP risk assessment checklist
Matrix covering four key UDAAP risks in the retail footprint, strategic direction, operational concerns, and regulatory environment
Checklist for evaluating consumer harm
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Lenders, compliance officers, risk managers, senior management, branch managers, customer service managers, loan and deposit operation managers, marketing staff, and product development specialists.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
(ON DEMAND) Audit Compliance Series: Developing a Risk-Based Compliance Audit Process for Deposits
Email to Order the Recording + Free Digital Download
Do you need practical guidance for a risk-based deposit compliance audit program? While deposit regulations haven’t changed as rapidly as lending regulations, there are still potential areas of exposure for Reg DD (Truth in Savings) violations and reimbursement, Reg E error resolution and ODP issues, and the constant threat of consumer complaints and UDAAP challenges for deposit products and services.
This webinar will address how to develop a dynamic, risk-based deposit audit program that can prevent potential violations and protect your financial institution’s reputation. Learn which deposit regulations apply, how to maximize limited time and resources, and how to implement effective corrective action. This session will explain how to use risk-assessment tools, develop a testing schedule, and determine the sample size for transaction testing. It will also address critical elements for testing key deposit regulations, writing audit reports, and many practical tips for a successful deposit compliance program.
HIGHLIGHTS
Top 10 mistakes in deposit compliance exams
Overview of the disclosure requirements for Truth in Savings and Regulation E
Best practices for deposit compliance
Analysis of recent deposit-related enforcement actions and tips to avoid the pitfalls
TAKE-AWAY TOOLKIT
Checklist for advertising reviews
Matrix of training topics for frontline and deposit operation staff
Complaint policy template in Word that can be customized for your use
Regulation E error resolution flowchart
Regulation E opt-in checklist
CIP procedures quick reference guide
Summary of recent deposit related regulatory changes and resources
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Compliance officers, audit staff, risk managers, call center managers, senior management, deposit operations managers, new account representatives, and customer service representatives.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs, is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
Do you need practical guidance for a risk-based deposit compliance audit program? While deposit regulations haven’t changed as rapidly as lending regulations, there are still potential areas of exposure for Reg DD (Truth in Savings) violations and reimbursement, Reg E error resolution and ODP issues, and the constant threat of consumer complaints and UDAAP challenges for deposit products and services.
This webinar will address how to develop a dynamic, risk-based deposit audit program that can prevent potential violations and protect your financial institution’s reputation. Learn which deposit regulations apply, how to maximize limited time and resources, and how to implement effective corrective action. This session will explain how to use risk-assessment tools, develop a testing schedule, and determine the sample size for transaction testing. It will also address critical elements for testing key deposit regulations, writing audit reports, and many practical tips for a successful deposit compliance program.
HIGHLIGHTS
Top 10 mistakes in deposit compliance exams
Overview of the disclosure requirements for Truth in Savings and Regulation E
Best practices for deposit compliance
Analysis of recent deposit-related enforcement actions and tips to avoid the pitfalls
TAKE-AWAY TOOLKIT
Checklist for advertising reviews
Matrix of training topics for frontline and deposit operation staff
Complaint policy template in Word that can be customized for your use
Regulation E error resolution flowchart
Regulation E opt-in checklist
CIP procedures quick reference guide
Summary of recent deposit related regulatory changes and resources
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Compliance officers, audit staff, risk managers, call center managers, senior management, deposit operations managers, new account representatives, and customer service representatives.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs, is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
(ON DEMAND) Nonresident Alien Accounts: W-8s, W-8BENs, BSA, Rules & More
Email to Order the Recording + Free Digital Download
Foreign individuals maintaining relationships with U.S. banks can be divided into two categories: resident aliens and nonresident aliens (NRA). An NRA is a non-U.S. citizen who is not a lawful, permanent resident of the U.S. during the calendar year, and who does not meet the substantial presence test, or has not been issued an alien registration receipt card (also known as a green card).
Although NRAs are not permanent residents, they often have a legitimate need to open deposit accounts at U.S. financial institutions. The amount of NRA deposits in the U.S. banking system has been estimated to range from hundreds of billions of dollars to about $1 trillion.
How can you open and maintain deposit accounts for nonresident aliens and maintain IRS and BSA compliance? This webinar will examine the impact of FATCA, the required forms, and the acceptable forms of identification for deposit accounts. It will also address related Bank Secrecy Act issues, including CIP and due diligence requirements.
HIGHLIGHTS
Who is a nonresident alien and what are the IRS and BSA requirements for opening deposit accounts?
What are the requirements for W-8 and W-8BEN forms? What is the most recent IRS guidance?
Common questions about the impact of FATCA and acceptable forms of identification
Due diligence requirements for withholding and the “reason to know” principles
What are the BSA issues and CIP due diligence requirements?
TAKE-AWAY TOOLKIT
New account interview question script
Checklist for CIP compliance
Flowchart for appropriate certification of nonresident alien deposit accounts
Links to important IRS instructions and guidance
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Compliance officers, audit staff, risk managers, senior management, deposit operation managers, new account personnel, and customer service representatives.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs, is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
Foreign individuals maintaining relationships with U.S. banks can be divided into two categories: resident aliens and nonresident aliens (NRA). An NRA is a non-U.S. citizen who is not a lawful, permanent resident of the U.S. during the calendar year, and who does not meet the substantial presence test, or has not been issued an alien registration receipt card (also known as a green card).
Although NRAs are not permanent residents, they often have a legitimate need to open deposit accounts at U.S. financial institutions. The amount of NRA deposits in the U.S. banking system has been estimated to range from hundreds of billions of dollars to about $1 trillion.
How can you open and maintain deposit accounts for nonresident aliens and maintain IRS and BSA compliance? This webinar will examine the impact of FATCA, the required forms, and the acceptable forms of identification for deposit accounts. It will also address related Bank Secrecy Act issues, including CIP and due diligence requirements.
HIGHLIGHTS
Who is a nonresident alien and what are the IRS and BSA requirements for opening deposit accounts?
What are the requirements for W-8 and W-8BEN forms? What is the most recent IRS guidance?
Common questions about the impact of FATCA and acceptable forms of identification
Due diligence requirements for withholding and the “reason to know” principles
What are the BSA issues and CIP due diligence requirements?
TAKE-AWAY TOOLKIT
New account interview question script
Checklist for CIP compliance
Flowchart for appropriate certification of nonresident alien deposit accounts
Links to important IRS instructions and guidance
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Compliance officers, audit staff, risk managers, senior management, deposit operation managers, new account personnel, and customer service representatives.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs, is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
(ON DEMAND) Essential Compliance Regulations for Deposit Operations
Email to order the Recording + Free Digital Download
You work in a heavily regulated industry. There are dozens of laws, rules, and regulations that must be complied with daily to avoid regulatory scrutiny and potential fines and penalties against your financial institution. This webinar will explore the alphabet soup of regulations and laws pertaining to disclosures, plastic cards, electronic funds transfers, checks, home banking and bill payers, wires, privacy/security of accountholder information, BSA, and OFAC.
HIGHLIGHTS
What is an unauthorized transaction under Regulation E and what needs to be done about it?
Who can place a stop payment on a check? Are there checks that shouldn’t be stopped?
Is notice required to increase a fee or change an account? If so, how much notice is needed?
Are there special protections for international remittances and substitute checks?
What back-office functions are affected by BSA and OFAC?
TAKE-AWAY TOOLKIT
Error resolution cheat sheet
BSA and ID theft red flags for deposit operations
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Operations, Head Tellers, ACH and wire personnel, staff involved with accountholder disputes and resolutions, call center employees, account services personnel, and supervisors or managers of the above.
ABOUT THE PRESENTER – Mary-Lou Heighes, Compliance Plus, Inc., President and founder which has assisted financial institutions with the development of compliance programs since 2000. She provides compliance training for trade associations and financial institutions. Mary-Lou has been an instructor at regulatory compliance schools, conducts dozens of webinars, and speaks at numerous conferences throughout the country. Involved with financial institutions since 1989, Mary-Lou has over 20 years’ compliance experience. Before starting Compliance Plus in 2000, she spent five years working as a loan officer, marketer, and collector. She also worked at a state trade association for seven years providing compliance assistance and advising on state and federal legislative issues that affect financial institutions.
You work in a heavily regulated industry. There are dozens of laws, rules, and regulations that must be complied with daily to avoid regulatory scrutiny and potential fines and penalties against your financial institution. This webinar will explore the alphabet soup of regulations and laws pertaining to disclosures, plastic cards, electronic funds transfers, checks, home banking and bill payers, wires, privacy/security of accountholder information, BSA, and OFAC.
HIGHLIGHTS
What is an unauthorized transaction under Regulation E and what needs to be done about it?
Who can place a stop payment on a check? Are there checks that shouldn’t be stopped?
Is notice required to increase a fee or change an account? If so, how much notice is needed?
Are there special protections for international remittances and substitute checks?
What back-office functions are affected by BSA and OFAC?
TAKE-AWAY TOOLKIT
Error resolution cheat sheet
BSA and ID theft red flags for deposit operations
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Operations, Head Tellers, ACH and wire personnel, staff involved with accountholder disputes and resolutions, call center employees, account services personnel, and supervisors or managers of the above.
ABOUT THE PRESENTER – Mary-Lou Heighes, Compliance Plus, Inc., President and founder which has assisted financial institutions with the development of compliance programs since 2000. She provides compliance training for trade associations and financial institutions. Mary-Lou has been an instructor at regulatory compliance schools, conducts dozens of webinars, and speaks at numerous conferences throughout the country. Involved with financial institutions since 1989, Mary-Lou has over 20 years’ compliance experience. Before starting Compliance Plus in 2000, she spent five years working as a loan officer, marketer, and collector. She also worked at a state trade association for seven years providing compliance assistance and advising on state and federal legislative issues that affect financial institutions.
(ON DEMAND) Handling Dormant Accounts, Unclaimed Property & Escheatment
Email to Order Recording + Free Digital Download
Dormant accounts and unclaimed (abandoned) property pose unique, and often complicated, problems for banks. Bank procedures and practices regarding dormant accounts and unclaimed/abandoned property have come under attack by both consumers and state agencies that are entitled to the escheatment of this unclaimed/abandoned property.
This webinar will explain the Uniform Unclaimed Property Act and the tools every bank needs to evaluate its dormant account, escheatment, and unclaimed property practices. In addition, you will receive contact information for the unclaimed property administrators in every state. Since escheat laws vary, this webinar will not cover state-specific escheat laws. However, you will be able to find your state-specific escheat laws by using the contact information in the handout.
HIGHLIGHTS
What are the bank’s responsibilities under the Uniform Unclaimed Property Act?
What is considered a dormant account?
When is it permissible to impose dormant account fees?
What notice must be given to the accountholder?
Can a customer’s active loan relationship serve as contact with the customer for a dormant account or safe deposit relationship?
What are the best procedures for escheating the contents of a safe deposit box?
TAKE-AWAY TOOLKIT
Contact information for the unclaimed property administrators in every state
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Staff involved with dormant accounts and unclaimed/abandoned property, including deposit operations personnel, safe deposit box staff, customer service representatives, compliance officers, auditors, and managers.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP, a partner where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
Dormant accounts and unclaimed (abandoned) property pose unique, and often complicated, problems for banks. Bank procedures and practices regarding dormant accounts and unclaimed/abandoned property have come under attack by both consumers and state agencies that are entitled to the escheatment of this unclaimed/abandoned property.
This webinar will explain the Uniform Unclaimed Property Act and the tools every bank needs to evaluate its dormant account, escheatment, and unclaimed property practices. In addition, you will receive contact information for the unclaimed property administrators in every state. Since escheat laws vary, this webinar will not cover state-specific escheat laws. However, you will be able to find your state-specific escheat laws by using the contact information in the handout.
HIGHLIGHTS
What are the bank’s responsibilities under the Uniform Unclaimed Property Act?
What is considered a dormant account?
When is it permissible to impose dormant account fees?
What notice must be given to the accountholder?
Can a customer’s active loan relationship serve as contact with the customer for a dormant account or safe deposit relationship?
What are the best procedures for escheating the contents of a safe deposit box?
TAKE-AWAY TOOLKIT
Contact information for the unclaimed property administrators in every state
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Staff involved with dormant accounts and unclaimed/abandoned property, including deposit operations personnel, safe deposit box staff, customer service representatives, compliance officers, auditors, and managers.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP, a partner where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
(ON DEMAND) New Customer Due Diligence Rules for Beneficial Ownership: Implementation Game Plan
Email to Order the Recording + Free Digital Download
On May 5, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued final rules on customer due diligence requirements for banks, credit unions, and other covered institutions. The new rule adds a fifth pillar to the four pillars of an anti-money laundering program. Effective May 11, 2018, finding beneficial owners of legal entity customers will become a legal requirement.
Why worry now? This sweeping change will require significant time and resources to fully understand the rule and its impact on your financial institution’s policies, procedures, forms, monitoring processes, and ongoing due diligence responsibilities. While regulators can’t require early compliance, they can and will expect to review how well your financial institution understands the changes and the efforts being made to develop a successful implementation plan. There are no grandfathering features and the new rules will be triggered each time a “legal entity” opens a loan, deposit, or escrow account.
HIGHLIGHTS
What is in the final rule?
What is the definition of a legal entity, what is the coverage, and what are the exclusions?
What’s involved in the two-prong test for ownership and control?
Compliance challenges include:
Reliance on beneficial ownership information supplied by customers
Collecting beneficial ownership information on existing customers
Heightened expectations for uses of beneficial ownership information
Model certification form issues
What’s expected in risk-based procedures for conducting ongoing customer due diligence?
Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile
Conducting ongoing monitoring:
Identifying and reporting suspicious transactions
Maintaining and updating customer information on a risk basis
TAKE-AWAY TOOLKIT
Sample new CDD policy
Sample checklist to prepare for the changes
Interview questions for account opening
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? BSA officers, BSA personnel, deposit operations staff, branch personnel, risk managers, compliance officers, new account staff, and auditors.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs, a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
On May 5, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued final rules on customer due diligence requirements for banks, credit unions, and other covered institutions. The new rule adds a fifth pillar to the four pillars of an anti-money laundering program. Effective May 11, 2018, finding beneficial owners of legal entity customers will become a legal requirement.
Why worry now? This sweeping change will require significant time and resources to fully understand the rule and its impact on your financial institution’s policies, procedures, forms, monitoring processes, and ongoing due diligence responsibilities. While regulators can’t require early compliance, they can and will expect to review how well your financial institution understands the changes and the efforts being made to develop a successful implementation plan. There are no grandfathering features and the new rules will be triggered each time a “legal entity” opens a loan, deposit, or escrow account.
HIGHLIGHTS
What is in the final rule?
What is the definition of a legal entity, what is the coverage, and what are the exclusions?
What’s involved in the two-prong test for ownership and control?
Compliance challenges include:
Reliance on beneficial ownership information supplied by customers
Collecting beneficial ownership information on existing customers
Heightened expectations for uses of beneficial ownership information
Model certification form issues
What’s expected in risk-based procedures for conducting ongoing customer due diligence?
Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile
Conducting ongoing monitoring:
Identifying and reporting suspicious transactions
Maintaining and updating customer information on a risk basis
TAKE-AWAY TOOLKIT
Sample new CDD policy
Sample checklist to prepare for the changes
Interview questions for account opening
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? BSA officers, BSA personnel, deposit operations staff, branch personnel, risk managers, compliance officers, new account staff, and auditors.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs, a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
(ON DEMAND) Debt Collection Series: Best Practices for Garnishments & Levies: Getting It Right!
Order the Recording + Free Digital Download via email!
Has your institution implemented proper procedures for handling garnishments and levies? Institutions handle these complicated legal processes daily, but many do so without the proper training, which can expose the institution to significant liability. This webinar will explain the steps necessary to properly handle garnishments and levies, such as identifying accounts, placing account holds, answering interrogatories, notifying the accountholder, and remitting funds. You will also learn the special garnishment procedures for accounts that receive federal benefit payments. In addition, this webinar will explain the steps your institution must take when attempting to garnish borrower’s funds held at another institution.
HIGHLIGHTS
What are the risks and how can they be mitigated?
When are you required to notify the accountholder?
What if your institution holds a security interest in the funds?
What if an account is held by more than one person or by a trust, sole proprietorship, corporation, etc.?
What are the special garnishment procedures for accounts containing federal benefit payments?
What steps must be taken to garnish funds held at another institution?
TAKE-AWAY TOOLKIT
Official Guidelines for Garnishment of Accounts Containing Federal Benefit Payments issued by the Department of the Treasury
Sample notice form to be sent to accountholders
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Deposit operations personnel, tellers, account service representatives, collectors, compliance personnel, auditors, attorneys, and managers.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP, a partner where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
Has your institution implemented proper procedures for handling garnishments and levies? Institutions handle these complicated legal processes daily, but many do so without the proper training, which can expose the institution to significant liability. This webinar will explain the steps necessary to properly handle garnishments and levies, such as identifying accounts, placing account holds, answering interrogatories, notifying the accountholder, and remitting funds. You will also learn the special garnishment procedures for accounts that receive federal benefit payments. In addition, this webinar will explain the steps your institution must take when attempting to garnish borrower’s funds held at another institution.
HIGHLIGHTS
What are the risks and how can they be mitigated?
When are you required to notify the accountholder?
What if your institution holds a security interest in the funds?
What if an account is held by more than one person or by a trust, sole proprietorship, corporation, etc.?
What are the special garnishment procedures for accounts containing federal benefit payments?
What steps must be taken to garnish funds held at another institution?
TAKE-AWAY TOOLKIT
Official Guidelines for Garnishment of Accounts Containing Federal Benefit Payments issued by the Department of the Treasury
Sample notice form to be sent to accountholders
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Deposit operations personnel, tellers, account service representatives, collectors, compliance personnel, auditors, attorneys, and managers.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP, a partner where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
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