FORUM PROFILE

BSA Customer Due Diligence

Home Forums Compliance Masters Group (Members Only) BSA Customer Due Diligence

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #2532
    jsecor
    Participant

    I am wondering if anyone would share how your bank implements CDD at account opening. I am having trouble finding a risk rating example on CDD and what questions should be asked at account opening. Also, how do you handle it when it is a joint account? Are you risk rating the account so only one person has to answer the questions or are you risk rating each customer so each would have to fill out or answer questions?

    #2955
    tstrait
    Participant

    We have the customer fill out a questionnaire (one for business and one for consumer). In addition, we use BankersToolbox (BAM) which does a great job of automatically risk rating the customer based on customer type (business/consumer), products they have, Georgraphy, transaction types and volumes. It analyzes transactions daily and adjusts the risk rating when necessary.

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.