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.
Let compliance expert Gaye DeCesare give you the guidelines that should be included in your policies and procedures to control your risk without sacrificing new member convenience.
Topics Will Include:
- 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?
- How soon must you issue any requested checks or debit cards?
Who Should Attend?
Credit union professionals who open or manage accounts online, especially in these departments:
- Call Center
- Member Service
- Operations
- Compliance
- Risk Management
- Information Technology
- Training
Instructor
Gaye DeCesare joined CU Service Network as Vice President of Compliance in April, 2017, with the company’s acquisition of COMPASS 4 CUs. She had served as the President/CEO of that organization since its inception in 2010. Prior to that, she held positions with Belvoir Federal Credit Union (2005-2015) and State Department Federal Credit Union (1984-2005).
Specializing primarily in compliance for more than 25 years, she served on the NAFCU Compliance Standards and Practices Commission that developed the NCCO certification program and is a founding member of both the Capital Area Compliance Roundtable and regional BSA Compliance Roundtable. Gaye is also a current member of Global Women's Leadership Network (GWLN), which connects and empowers credit union women from around the world.
Gaye was among the first in the nation to earn the designations of NAFCU Certified Compliance Officer (NCCO) and CUNA Credit Union Compliance Expert (CUCE) when the programs were introduced in 1997 and 2000, respectively. In addition to holding NCCO and CUCE designations, she is also a certified Bank Secrecy Act Compliance Specialist (BSACS).
Gaye is a nationally-known speaker, having presented to credit union organizations at the federal, state and local levels.