Start Date: 7/12/2022 1:00 PM MDT
End Date: 7/12/2022 2:30 PM MDT
Numerous laws and regulations affect deposit operations, beginning with new account opening, including identifying accountholders under the USA PATRIOT Act, OFAC, Truth in Savings, and other disclosure requirements. Once an account is opened, there are requirements regarding transactions (including holds on deposits), Bank Secrecy Act monitoring, reporting and recordkeeping, and rules regarding checks, electronic funds transfers, account insurance, etc.
Compliance with consumer protection laws and regulations is a perennial priority with examiners and auditors. Understanding your duties and responsibilities can make achieving this goal almost second nature and also provides a better experience for accountholders. Protecting your institution from unnecessary losses due to missteps is an added plus. Learn the dos and don’ts of handling deposit accounts with this important training.