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Event Name:Safe Deposit Boxes: Opening, Monitoring and Administration
Date:Tuesday, February 28, 2017 11:00am CST
Presented By:BankersHub
Panelist(s) Info: Angela Lucas Managing Partner, Co-Founder Sterling Compliance LLC
Credits:1.2 AAP Credits, 1.0 CPE Credit

Consider safe deposit boxes a “sleepy” area of the bank? Think again. Between account opening procedures, ongoing administration and controls, and monitoring for suspicious activity, this area presents unique risks and challenges.

Whether you have ten safe deposit boxes or a hundred, your administrative requirements and challenges remain the same. Many regard the safe deposit box area as one of little activity – a rather unexciting area of the bank. However, cases have shown that these boxes can be used to conceal illicit funds and activities. How you address account opening and handle boxes in the event of a box owner’s death can also present unique situations that you must address. 

Important Takeaways for attendees:

  • Effective account opening methods and key controls that should be implemented to ensure appropriate administration of this area.
  • How safe deposit boxes may be used to conceal funds or conduct illicit activities.
  • Compliant processes for handling box administration in the event of a box owner’s death.
  • Safe Deposit Box Account Opening Procedures & Customer Identification Practices
  • Key Controls for Safe Deposit Box Administration
  • Suspicious Activity Monitoring Practices
  • Addressing Safe Deposit Box Access Upon Death of Box Owner