A new regulation has surfaced that will directly affect banks providing RDC (remote deposit capture) and mRDC (mobile remote deposit capture) as a service to their customers. And with a due date of July 1, 2018, adherence to this new regulation is coming up fast.
On May 11, financial institutions will be required to perform enhanced due diligence on new accounts for legal entity customers and to demonstrate an understanding of the nature and purpose of their customer relationships as a fifth pillar of their anti-money laundering (AML) programs.
Companies in the European Union have spent the last two years preparing for GDPR. However, even though companies in the United States could also be covered under GDPR, many financial institutions and other entities are unaware of—or uncertain about—their obligation to it.
Opening a bank account via mobile device or desktop is a modern convenience used by many banking customers. But many modern solutions suffer from the same revenue-draining problem: massive amounts of customers who abandon the online account-opening process early.
How can businesses remain compliant by effectively screening their customers in the digital age? Learn the risks and challenges, as well as the four essential elements, of a modern sanctions-screening tool.