Sleeper: “In football, a player who usually isn’t well known that goes on to have a breakout season”.
Safe deposit boxes may not seem like a flashy area of banking, but don’t let this regulatory “sleeper” fool you. Examiners have cited findings for lack of sufficient policies and procedures and inadequate controls. Quite simply, these are areas that we tend to “set and forget” and it’s reflected in our examination reports.
Are you properly monitoring for suspicious activity in your SDB area? What happens if an SDB lessee passes away? When is it okay to drill a box and when isn’t it? When do unclaimed property rules apply? If you hesitated in answering any of these questions, then this session is for you!
What You’ll Learn
- Opening safe deposit boxes for consumers, businesses, trusts, and estates
- Effective monitoring for suspicious activity in your SDB area
- Defining clear procedures for when box rent is past due
- Developing processes for when a lessee passes
- Understanding when box contents are considered abandoned property
- Utilize provided tools to audit and review your SDBs
Who Should Attend
This session is designed for new accounts staff, branch managers, and Compliance Officers, and anyone that uses safe deposit boxes.