Alert! New CIP Rules on Prepaid Cards Webinar
New Customer Identification Program rules on prepaid cards came out through interagency guidance to clarify that a bank’s Customer Identification Program (CIP) should apply to the cardholders of general purpose prepaid cards that have the features of an account and are issued by a bank (see complete description below).
Click Here for Webinar Description and Audience
New Customer Identification Program rules on prepaid cards came out through interagency guidance to clarify that a bank’s Customer Identification Program (CIP) should apply to the cardholders of general purpose prepaid cards that have the features of an account and are issued by a bank. This guidance states that a general purpose prepaid card should be treated as an account if it provides a bank’s customer with (1) the ability to reload funds or (2) access to credit or overdraft features. The guidance applies to these cards even if they are sold, distributed, promoted, or marketed by third-party program managers.
The CIP rule, set forth in Section 326 of the USA PATRIOT Act, requires a bank to obtain information sufficient to form a reasonable belief regarding the identity of each “customer,” including, at a minimum, obtaining the customer’s name, date of birth, address, and tax identification number, and to establish risk-based procedures to verify the identity of new customers. To determine if CIP requirements apply to purchasers of prepaid cards, the issuing bank should first determine whether the issuance of a prepaid card results in the creation of an account; and if so, ascertain the identity of the holder of that card.
This program will review this new interagency guidance for financial institutions from start to finish. You’ll also receive a Sample Policy Change and Sample Procedures.
- CIP Overview
- Determining the existence of account
- General Purpose Prepaid Cards With the Ability to Reload Funds
- General Purpose Prepaid Cards With Access to Credit or Overdraft Features
- Activation of General Purpose Cards
- Identifying the Customer
- Prepaid Cardholders and Third Parties
- Payroll Cards
- Government Benefit Cards
- Health Benefit Cards
- Contracts with Third Party Program Managers
Who Should Attend?
BSA Officers, Staff, Deposit Operations, Prepaid Card Administrators, Training, Branch Personnel, and New Accounts
Click Here for Continuing Education Credits (CEC) Info
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.
Click Here for Viewing Option Descriptions
INCLUDES 7 DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar (via the internet) as it is being presented. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a telephone for the audio. You can type and send your questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate at the same time. And don’t worry if you miss the webinar, you can still view it for up to seven days after it takes place!
SIX MONTH ONDEMAND VIDEO:
With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. The weblink will be available to you (and anyone else in the company) for up to six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.
If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of the PowerPoint slides and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar via regular mail. Mailed 7 to 10 days after the webinar takes place.
Webinars can be scheduled and offered exclusively for your company. They can even be customized to best fit your needs. To find out more, please complete the in-house request form found in the Schedule and Registration Information section below.