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Last Issue's Dilemma:
How do you handle privacy concerns?
We
have decided to collect complete Customer Identification Program (CIP)
information from all our customers, just to be on the safe side. But we are
facing backlash from long-term corporate customers with multiple signers on
their accounts. Some don’t want to divulge personal information, and a few are
threatening to take their business down the street. How do other institutions
handle this issue with corporate accounts?
Should we insist on full CIP info in
every case, or back off when these are long-term customers known to us?
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This Issue's Dilemma:
How do you guard against remote deposit risks?
Our top management is excited about the revenue potential from remote deposit capture, which allows commercial customers to image checks at their location and make electronic deposits. But I worry about the risk of fraud and compliance issues. How have other financial institutions addressed these risks? What controls can we put in place to safeguard remote deposits?
— Anonymous compliance officer,
Atlanta
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