Source: http://www.synergybai.com/ca-question-of-the-week/archives/05-2018
Timestamp: 2019-04-22 04:05:44+00:00

Document:
If a customer completes a Certification of Beneficial Owners form for a DDA account and opens a Loan on the same day, may one form be used or should we have a form completed for each account?
You may use one form in this case since you have obtained a certification form--as long as the information is accurate and up-to-date (assuming yes since same day).
the customer’s beneficial ownership for each account?
regardless of the number of accounts opened or over a specific period of time.
including for both verbal and written confirmations by the customer."
Our bank's website has been “spoofed” by a foreign website. The foreign website has a different but very similar URL and content almost identical to our site. Do you have any tips on what steps we should take?
In addition to following your regular BSA/AML policies and procedures, we recommend contacting your federal regulator, and your state's cybercrimes unit or Attorney General as soon as possible. We also recommend adding a “pop-up” or greeting page on your own website that explains the issue to your online visitors, and keeping it up until the fake site is removed. Furthermore, consider sending out a warning e-mail to at least all your online banking customers--if not all your customers--notifying them of the issue.
For the beneficial ownership verification portion, does the bank need a copy of the drivers licenses for each identified beneficial owner?
No, the bank does not specifically need a DL for verification purposes. This is not saying that the bank does not have to verify using CIP procedures, but there is just not a specific requirement for the bank to get a DL. The bank can, for instance, verify through non-documentary methods.
(2) Verify the identity of each beneficial owner identified to the covered financial institution, according to risk-based procedures to the extent reasonable and practicable. At a minimum, these procedures must contain the elements required for verifying the identity of customers that are individuals under § 1020.220(a)(2) of this chapter (for banks); § 1023.220(a)(2) of this chapter (for brokers or dealers in securities); § 1024.220(a)(2) of this chapter (for mutual funds); or § 1026.220(a)(2) of this chapter (for futures commission merchants or introducing brokers in commodities); provided, that in the case of documentary verification, the financial institution may use photocopies or other reproductions of the documents listed in paragraph (a)(2)(ii)(A)(1) of § 1020.220 of this chapter (for banks); § 1023.220 of this chapter (for brokers or dealers in securities); § 1024.220 of this chapter (for mutual funds); or § 1026.220 of this chapter (for futures commission merchants or introducing brokers in commodities). A covered financial institution may rely on the information supplied by the legal entity customer regarding the identity of its beneficial owner or owners, provided that it has no knowledge of facts that would reasonably call into question the reliability of such information.
The CIP must contain risk-based procedures for verifying the identity of the customer within a reasonable period of time after the account is opened. The verification procedures must use "the information obtained in accordance with [31 CFR 1020.220] paragraph (a)(2)(i)," namely the identifying information obtained by the bank. A bank need not establish the accuracy of every element of identifying information obtained, but it must verify enough information to form a reasonable belief that it knows the true identity of the customer. The bank’s procedures must describe when it will use documents, nondocumentary methods, or a combination of both.
If we have four key factors already listed on an adverse action notice, but also took into account the number of inquiries, can we add that as a fifth factor? And, with this factor, do we have to list the number of inquiries?
Yes, you may add the number of inquiries as a fifth factor. Generally, you would only list four key factors for FCRA purposes, but there is an exception that expressly gives the bank the permission to tack this factor on. As to the actual number of inquiries, there is no requirement to list the actual number—just the factor, itself, is required.
When is the new TRID amendment regarding the black hole issue effective? And can we follow it before the rule is in effect?
commenter has not established why it would be appropriate here. "

References: § 1020
 § 1023
 § 1024
 § 1026
 § 1020
 § 1023
 § 1024
 § 1026