Fair Banking and Closing Accounts

Banks and credit unions have the right to close accounts. However,  with that right comes a lot of responsibility. This course will provide banks and credit unions an understanding of operational, legal, regulatory, and customer service aspects of account closures.  During this course we will also discuss how to determine if your customer is a victim or participating in financial crime. New executive order issued August 7^th calls for an end to debanking.  During this webinar we will look at debanking, de-risking, and demarketing—dissecting the three big Ds and what they might mean to your financial institution.  There has been a trend for the demise of de-risking groups of account holders, and the first step has been the end of reputational risk used by examiners to criticize financial institutions for banking particular account holders.  Yet, there are times that financial institutions have to close accounts because of fraud, money laundering and de-market services to bad actors.  Learn what these terms mean and where they come from and how to navigate these challenges.

 Topics covered in this course

• Understand what debanking means in the new executive order
• Learn what caused the end to reputational risk?
• Review derisking and understand its definition from AML Act
• Glean back through closed accounts—do you have any compliance risk?
• Separate when demarketing is required as opposed to debanking
• Develop policies and procedures to filter out account closures or restrictions based on political concerns
• Closing Complicated accounts (IRAs, HSAs, CESAs, & Custodial accounts)
• Review your terms and conditions for account closures.
• What to include in policies & procedures for closing accounts

Who Should Attend

• BSA/AML Officers
• Risk Management
• Compliance
• Training
• Deposit Operations
• Management
• Legal

*This program does NOT qualify, nor meet the National Standard for NASBA accreditation.