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    2018 Safe Deposit Series: Screening the New Safe Deposit Customer

    $249.00
    *
    This is Part II of our VI-Part 2018 Safe Deposit Series. This webinar will enable safe deposit personnel to rent a suitable box, one that meets the needs of a particular customer.

    Overview

    Before accepting a new safe deposit customer the safe deposit personnel are required to conduct a three-part screening process: (1) Certain governmental procedures are required to prove that a customer is a legitimate person whose motive for renting is simply to store valuables; (2) You must strictly adhere to your Institution's “Know Your Customer” rules (e.g. depositor relationship; common sense questions).

    This webinar provides an overview of the first two-parts of the customer screening process, but primarily focuses on the third component: (3) Safe deposit personnel must ensure that the customer rents a box that meets the needs of that particular customer.

    To make sure that the customer rents the correct type of box and signs a corresponding contract that fits his or her needs, safe deposit personnel must understand the 8 types of renters: (1) Individual Renter; (2) Sole proprietor; (3) Joint renters; (4) Fiduciary renters (this includes an Executor/Executrix, Administrator, Trustee, Conservator, Committee, Receiver); (5) Partnerships; (6) Corporations; (7) Unincorporated groups; and, (8) Other types of renters (this includes Minors, Guardians, Aliases (Fictitious Names), Blind persons).

    Covered Topics

    • Determine "Up front" identification and verification of the customer, which will help mitigate risk:
      • Does the proposed safe deposit customer have a depositor relationship with the bank?
      • Is the purpose for renting the box clear?
      • Does the customer appear to have the ability to pay to the box rent?
      • Have common sense questions been asked and satisfactorily answered?
    • Steps to take to screen new box rental customers
    • Know Your Customer (KYC) Rules - Legal Compliance
      • 1. Compliance with Regulatory Procedures
      • 2. Following Institution's Policies
      • 3. Ensuring customer has the correct type of box and contract to suit his/her needs

    For each of the 8 types of renters, this webinar will address:

    •       The account title
    •       Who must sign the contract
    •       Required supporting documents
    •       Signature card information
    •       Access approval 

    Who Should Attend?

    This webinar will help newcomers and experienced personnel. All safe deposit personnel at all levels should be involved with such a webinar at least once if not periodically.

    The webinar is a must for assuring safe and sound practices in the safe deposit area. 

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    Overview

    Before accepting a new safe deposit customer the safe deposit personnel are required to conduct a three-part screening process: (1) Certain governmental procedures are required to prove that a customer is a legitimate person whose motive for renting is simply to store valuables; (2) You must strictly adhere to your Institution's “Know Your Customer” rules (e.g. depositor relationship; common sense questions).

    This webinar provides an overview of the first two-parts of the customer screening process, but primarily focuses on the third component: (3) Safe deposit personnel must ensure that the customer rents a box that meets the needs of that particular customer.

    To make sure that the customer rents the correct type of box and signs a corresponding contract that fits his or her needs, safe deposit personnel must understand the 8 types of renters: (1) Individual Renter; (2) Sole proprietor; (3) Joint renters; (4) Fiduciary renters (this includes an Executor/Executrix, Administrator, Trustee, Conservator, Committee, Receiver); (5) Partnerships; (6) Corporations; (7) Unincorporated groups; and, (8) Other types of renters (this includes Minors, Guardians, Aliases (Fictitious Names), Blind persons).

    Covered Topics

    • Determine "Up front" identification and verification of the customer, which will help mitigate risk:
      • Does the proposed safe deposit customer have a depositor relationship with the bank?
      • Is the purpose for renting the box clear?
      • Does the customer appear to have the ability to pay to the box rent?
      • Have common sense questions been asked and satisfactorily answered?
    • Steps to take to screen new box rental customers
    • Know Your Customer (KYC) Rules - Legal Compliance
      • 1. Compliance with Regulatory Procedures
      • 2. Following Institution's Policies
      • 3. Ensuring customer has the correct type of box and contract to suit his/her needs

    For each of the 8 types of renters, this webinar will address:

    •       The account title
    •       Who must sign the contract
    •       Required supporting documents
    •       Signature card information
    •       Access approval 

    Who Should Attend?

    This webinar will help newcomers and experienced personnel. All safe deposit personnel at all levels should be involved with such a webinar at least once if not periodically.

    The webinar is a must for assuring safe and sound practices in the safe deposit area. 

    Presenter:

    Paul J. Sanchez

    Paul J. Sanchez, CPA, CBA, CFSA, CGMA conducts a small CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others. He was an assistant professor at Long Island University - C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a money-center bank, where he directed the professional practice development and training for internal auditors. He also was on the technical staff of the Auditing Standards and Examinations Divisions of the AICPA. He practiced public accounting in the New York office of Deloitte where he also was a firm recruiter and in-house professional development instructor. He was an owner and auditing and accounting seminar leader for the Person/Wolinsky CPA Review Courses, a company that prepared candidates to pass the Uniform CPA Examination. He is a frequent lecturer and seminar leader for accounting, auditing, banking, risk assessment and other professional presentations. He is the author of the textbook, “Accounting Basics for Community Financial Institutions” (Financial Managers Society, 2 nd edition, Chicago, 2009) and the “Ideas an Analysis Letter: The Sanchez Take” (see www.sanchez-psa.com). As a contributing author, his chapter on ‘An Auditor’s Approach to Risk-Based Auditing: What to Audit and When,’ is included in the textbook, “Effective Auditing for Corporates: Key Developments in Practice and Procedures,” (Bloomsbury Information, Ltd, London, 2012).