Discussion Question:

Q1. “De-risking” is one approach taken by financial institutions which aims to simplify the business models as well as reduce AML risks by exiting some products or client types or both.

Your CEO is asking your input on de-risking one of the following lines of business in order to reduce monitoring resources (costs) and risk to your institution. Which would you recommend, and why?

  1. Professional Service providers
  2. Individuals who hold a foreign or domestic public office
  3. Check Cashers
  4. Third party payment providers
  5. Cash Intensive businesses

The ability to consider and discuss ideas with others is one of the most important skills in the workplace and doing so here will give you some practice. Additionally, it will give you a chance to interact with your classmates and me, which is often challenging in an online course.

Please post your own answer and then comment on postings by at least one of your classmates.

Q2. Given what we now know from these two data releases, what steps should be taken to mitigate the risk of inappropriate customers accessing US based Financial Institutions? Where are the ethical concerns and how do you draw appropriate lines in mitigating the risk?

Please provide your answer and then comment on at least one classmate’s post.

Q3. Banks offer a number of deposit products and with strict disclosure requirements that apply from advertising through the life of the account

Below is a list of scenarios.  Fill in the blank with a description of what is required to ensure compliance with Reg DD. (I suggest you copy and paste the list into your own discussion board post, then fill in blank from there.)

Common Area of Compliance Risk

  • Advertisement reviews
    • Recommended Controls: _______________________
  • Disclosure Content Accuracy
    • Recommended Controls: ________________________
  • Evidencing Compliance with Disclosure requirements – content and delivery for in person and on-line account opening
  •  
    • Recommended Controls: ________________________

Post your answer first and then comment on postings by at least one of your classmates.

Q4. Suppose that you are a bank lobbyist: describe two changes or clarifications that you would make to UDAAP and explain why.

Suppose that you are a consumer advocate lobbyist: describe two changes or clarifications that you would make to UDAAP and explain why.

Post your answer first and then comment on postings by at least one of your classmates.

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