CIP: What is Fact? What is Myth?

Webinar: ID# 1011601
Recorded CD or On-Demand
About This Course:
Has compliance with the Bank Secrecy Act's Customer Identification Program (CIP) requirements adversely affected your financial institution? Are you frustrated because you haven't been able to close a loan or you can't open an account because of your CIP policy? Are you concerned that your financial institution may be hurting its ability to do business with legitimate customers because you require more than what is actually mandated by the law?

If so, this seminar will help. It will focus on differentiating CIP myth from CIP fact, and will explore the common mistakes made by financial institutions in designing and maintaining their CIP policies. It will also address the various types of identification options available and review what is considered to be "documentary" and "non-documentary" verification.

Covered Topics:

  • Review what the CIP regulations REALLY say about what a financial institution is supposed to do;
  • Provide tips for avoiding the common CIP mistakes financial institutions make when writing and implementing CIP policies and procedures;
  • Suggest steps the financial institution can take to change its CIP policy so that it can adhere to the goals of the USA Patriot Act/Bank Secrecy Act and still allow it to do business with legitimate customers;
  • Clarify the confusion of doing business with non-citizens, specifically focusing on documentary and non-documentary verification options;
  • Review the BSA Exam Manual's requirements for CIP so that your staff can be prepared to address your regulator's questions.

Who Should Attend

This seminar is directed to all levels of financial institution personnel. It will provide helpful information for use by new accounts and loan personnel, as well as compliance officers and managers.

The Presenter

Terri D. Thomas is Senior VP and Legal Department Director for the Kansas Bankers Association. Prior to this, she was with "Bankers Choice," a financial consulting firm. Before this, Terri was employed in the financial industry for over twenty-three years in various capacities. Most notably, she served for fourteen years as in-house legal counsel and trust officer for Bank of America and its Kansas predecessors. Receiving her Bachelor of Arts degree from Kansas State University in 1985, Terri continued her education at Washburn University School of Law and obtained her Juris Doctor in 1988.

Presently, she serves as an adjunct instructor at Washburn University School of Law and the University of Kansas School of Law and is a frequent seminar presenter for financial associations.

CIP: What is Fact? What is Myth?
or via CD or On-Demand
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