When a new member comes to your credit union through the Internet instead of in person, your Bank Secrecy Act compliance risk escalates. You must protect your credit union from money laundering and fraud by following OFAC, Customer Identification Program (CIP), and Customer Due Diligence (CDD) rules, but you don’t want to turn off potential new members.
Attorney John Porter will give you the compliance guidelines for opening new online accounts. You’ll learn what should be included in your policies and procedures to minimize your risk without limiting new member convenience.
You’ll get the answers to these questions:
- How do you create a compliance plan that minimizes new online account risks and maximizes new member convenience?
- Should you really trust electronic copies of identification?
- Do the rules change for checking OFAC, CIP, & CDD when you open an account online?
- Is an electronic copy of a signature card acceptable?
- When should you make new deposit funds available?
- When must you make them available?
- When and how should you provide required disclosures?
- How soon must you issue any requested checks or debit cards?
Speaker: John Porter is a Partner of Consumer Collections who manages the Credit Union Group of Weltman, Weinberg & Reis Co., LPA. John’s focus on credit union representation allows him to advise credit unions on various collection, compliance and legal matters. John earned his B.A. magna cum laude in Political Science from Wittenberg University in 1999 and his J.D. from The Ohio State University, Michael E. Moritz College of Law in 2002. A member of the American and Columbus Bar Associations, John is licensed in Ohio and admitted to practice before the U.S. District Court (Northern District of Ohio).
Over $75 million - $109 per telephone connection
$25-$75 million - $89 per telephone connection
Under $25 million - $59 per telephone connection
An audio archive is available at no additional charge and can be accessed for 60 days after the live session. Instructions on accessing the archive will be sent with your connecting instructions and confirmation.
Scholarships are available for all KCUA education events. Scholarships pay 100% of registration fee for credit unions under $25M, 50% for credit unions between $25-$75M and 25% for credit unions over $75M.
Upon registration, you will receive an email confirmation that you can print for your records. Connecting instructions will be emailed to you approximately two days before the event.
Sorry, no cancellations are allowed after connecting instructions and handout materials have been sent to registrants. Substitutions are welcomed and encouraged.