Please check the box if you want to proceed. The agencies consider transfer of deposit transaction information to represent "the movement of funds to other parties." Depending on the type of RDC system implemented, information security risks may extend to the financial institution's own internal networks and networks of its service providers. Suite 210, Northbrook, IL 60062 USA, All Rights Reserved, Digital Check Corp. © 2020, Built for a bank, great for high-speed RDC, Modern and efficient teller capture scanner, Image enhancement and cleanup for difficult-to-read checks and money orders, Automatic image cleanup designed for self-service environments, How our API captures several different takes to get you the best quality image, Vault processing software for managing cash and checks, Teller receipt printer for SmartSource Elite, Expert Elite, and TellerScan TS500 scanners, Teller receipt printer for TellerScan TS240, SmartSource Professional, and SmartSource Expert scanners, Straighten stacks of documents before scanning. Many bank compliance departments require the treasury team to do annual onsite audits of their RDC customers to verify that they are still conducting business from the registered location with the bank. About the author: Dan Fisher is president and CEO of The Copper River Group, a consulting firm based in Fargo, N.D. that focuses on technology, payment systems research and consulting for community financial institutions. This challenge is increased as foreign correspondents and foreign money services businesses are increasingly using RDC services to replace pouch and certain instrument processing and clearing activities. Financial institutions that rely on service providers for RDC activities should ensure implementation of sound vendor management processes as described in the Outsourcing Technology Services Booklet of the FFIEC IT Examination Handbook. 8 Laws and regulations related to anti-money laundering include the Bank Secrecy Act (BSA), the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and Office of Foreign Assets Control (OFAC) requirements. For nearly 30 years, Fisher has worked in the financial industry using technology to improve the bottom line. There are many elements that management should consider when developing customer contracts. When appropriate, based on risk, financial institutions may choose to rely on self-assessments by their RDC customers when these address the controls and risk management practices that would otherwise be reviewed during on-site visits by financial institution staff. Also refer to the Special Measures section of the BSA/AML Manual and to the specific discussion of RDC risks and risk mitigation therein. Navigating through the alphabet soup of RDC regulatory compliance can be a headache, but we’re here to help with that. The secure Internet channel for FDIC-insured institutions to conduct business and exchange information with the FDIC. Learn about four trends shaping the future of RDC technology and how they affect your bank or financial institution. Download Cases That Changed Our Lives: Volume 2 (Ian McDougall ) PDF Online, Read Opinion Writing 2Nd Edition (Ruggero J Aldisert ) PDF Online. These policies should establish risk tolerance levels, internal procedures and controls, risk transfer mechanisms where appropriate and available, and well-designed contracts that meet the institution's risk management needs. See NACHA publication "Third-Party Senders & the ACH Network: An Implementation Guide.". Looks like you’ve clipped this slide to already. Why does the magnetic MICR printing on checks use such a weird font? Strong change control processes coordinated between the institution and customer can help to ensure synchronized RDC platforms, operating systems and applications, and business processes. What’s important to notice here is that BSA/AML penalties can and do happen as a direct result of RDC activities. Background and Purpose. The general principles of RDC risk management discussed here are also applicable to financial institutions' internal deployment and other forms of electronic deposit delivery systems (e.g., mobile banking and automated clearing house [ACH] check conversions). Customer may be out of the bank's targeted geographic area or country. Management should assess carefully how RDC affects existing risks and mitigating controls. The institution should consider whether and to what extent it could be exposed to the risk of money laundering activities as well as its ability to comply with anti-money laundering laws and regulations and suspicious activity monitoring. This webinar is sponsored by. Risk Management of Remote Deposit Capture Background and Purpose Remote Deposit Capture (RDC), a deposit transaction delivery system, allows a financial institution to receive digital information from deposit documents captured at remote locations.

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