Basic Knowledge/Risks of Private Banking for BSA

VP at a bank ($7.6BUSA)
I am interested in learning more about private banking. I have read the exam manual and I know what I know from my CAMS course, but still would like some real world pitfalls. I have heard from others to avoid calling your program "the private bank" because often you are not really doing a true private banking relationship but the name itself draws scrutiny. 

We are not talking about banking foreign individuals, but more or less just personalized service. I intended on having an increased level of CDD/KYC but other than that, can anyone share any stories or regulator criticisms you have had?

Thank you, 

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