Consider safe deposit boxes a “sleepy” area of the bank? Think again. Between account opening procedures, ongoing administration and controls, and monitoring for suspicious activity, this area presents unique risks and challenges.
Whether you have ten safe deposit boxes or a hundred, your administrative requirements and challenges remain the same. Many regard the safe deposit box area as one of little activity – a rather unexciting area of the bank. However, cases have shown that these boxes can be used to conceal illicit funds and activities. How you address account opening and handle boxes in the event of a box owner’s death can also present unique situations that you must address.
Important Takeaways for attendees:
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