Benjamin W. Hutten discussed "Requirements for banking inherently high-risk relationships" at the Georgia Bankers Association BSA Experience Program
This session focused on the understanding of the requirements for banking high-risk relationships. This session went through each type of relationship and outline the requirements for banking such relationships. These relationships include non-resident alien and foreign individuals, politically exposed persons, embassy and foreign nationals, nonbank financial institutions, professional service providers, nongovernmental agencies, and cash intensive relationships (e.g. convenient stores, restaurants, retail stores, liquor stores, cigarette distributors, privately owned automated teller machines (ATM), vendor machine operators and parking garages.)
This session also focused on inherently higher risk product and services (e.g. ACH, prepaid access, purchase and sale of monetary instruments, brokered deposits, insurance, concentrations accounts, payable through accounts, correspondent accounts and more). This session provided attendees with a leading business practice document that provides documentation and monitoring requirements for the acceptance of risk throughout the duration of the relationship.