BVL Vol. 02: New Account Opening


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Enhanced due diligence & meeting the USA PATRIOT Act requirements

Script/Presenter: Barbara E. Hurst, Editor, Bankers' Hotline

Since September 11, 2001, it has become much more difficult to open an account for a new customer due to the passing of new laws and regulations. Added to the requirements of those new mandates is the growing threat of identity theft.
Determining if the person trying to open an account is a terrorist, a con artist, a crook or actually a "good guy" is the responsibility of the new accounts person. Once the applicant gets past that employee and the account is in the system, the "bad guys" are much harder to detect. The fraud has to be recognized at the outset in order to prevent any losses. And, if the account has not been opened in accordance with the guidelines of the USA PATRIOT Act, your financial institution could be liable.

This revised and enriched training program teaches the methods of "Enhanced Due Diligence", and explains where to find documentation to assist in verification of information. There is also a section on intangibles such as telltale mannerisms and responses, which might be indications of false statements. This video will help your new accounts employees protect your financial institution.

(Runs approximately 24 minutes)

  • Requirements of the USA PATRIOT Act of 2001
  • How to apply requirements
  • SAR filing and record keeping
  • Verification tools
  • Making the PATRIOT Act work for you
  • Cautions and misunderstandings explained
  • Workbook, quiz, and examples

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  • Model: VID-V02
  • Manufactured by: Bankers Video Library

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This product was added to our catalog on Thursday 26 February, 2004.

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