TOPIC: New Accounts

CIP exception error rate

VP at a bank ($1.1BUSA)
Good morning, 

Looking for feedback about CIP/new account errors and what you require at account opening.  

What is your CIP exception error rate?  Does your FI have disciplinary action or incentive penalties if a banker consistently has errors or takes a long time to fix the errors? If so, what is it? 

Does your FI run OFAC on minor, trust/estate name or business name each time an account is opened or only when they’re new to the bank? Also, does your front line add risk ratings to the accounts or does your back office update that field? 

I appreciate your feedback.  You may also e-mail me if that is easier.

Thank you so much!

    Data Input Review

    Chief Compliance Officer at a bank ($48MUSA)
    Working up written data input review procedures and will be conducting training for 4 new locations we recently acquired.  In a nutshell, any new accounts, loan builds or general maintenance conducted on the system requires a secondary review the following day but a team member other than the one conducting the maintenance.  I'm looking for 1) a strong, written purpose statement for these procedures and 2) any written procedures/training materials that are out there now.  Additionally, would love input regarding the effectiveness from those currently using a process like this.

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              New online account opening Risk assessment (no docs)

              Employee at a credit_union ($1.2BUSA)
              We are looking into offering non documented Online account opening. The plan is for members to never have to come to the branch so we will not be requiring ID, and we will not be pulling credit. We will be using a vendor for ID verification so they will do a soft pull on the back end, but we will not have access to it and it will not have a credit score. We will get an ID score from the vendor. At this point the product does not include IP verification. 
              I have several risk and compliance/cip questions but would like to know if anyone else has done an actual assessment or had issues when they rolled out a similar product. 

                Online Account Opening and Auto Approvals

                Manager at a credit_union ($3.3BUSA)
                We would like to start auto approving deposit applications for existing Members received through our online channel.  We currently review each application and the goal with this step is to help streamline some our back office processes (as well as speed the time for opening an account).  If you have implemented auto approvals, I would love to hear your insights on decreasing risk, if you implemented eligibility parameters (have to be a Member for X years), etc.  We currently use Instant Open as our account opening platform.