TOPIC: Illinois

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!