We are currently seeing a rapid shift in the way financial institutions interact with their customers to a more remote, online delivery model. Not that these capabilities haven’t always been present, but much more business is conducted remotely now than ever before, which is a trend we can expect to continue. What are the requirements to keep in mind when conducting business in this fashion?
As well, what challenges exist? For starters, there are Bank Secrecy Act issues when opening accounts and maintaining relationships with customers who are never seen. The rise in electronic transactions mean increased attention to Regulation E compliance, for example, especially when it comes to handling disputes (which are expected to increase in number). The provisions of the E-SIGN Act must be followed to the letter as well. These are but a few examples of the many compliance issues at play in a remote environment. In this webinar we’ll discuss these many requirements and provide you with a comprehensive grasp of the issues involved.
- E-SIGN issues and requirements – what can we provide electronically and when?
- Reg. E issues, including disputes – making sure you understand the rules
- Identifying customers under BSA and beneficial owner requirements, as well as OFAC
- Credit card disputes under Reg. Z
- Handling the loan application and closing process remotely
- Handling complaints
- Online communication through email and social media – regulatory guidance
- Advertising issues – reaching remote customers, including opt-out rights
- Fair lending issues, including digital redlining
- Privacy and information security issues