Teller Compliance Training: Reg CC, CTR and UCC 3 and 4

Why Should You Attend:

Tellers are generally the face of the institution and see the clients more often than other positions within the company. Tellers have to be familiar with many laws and requirements affecting deposits. Two of the most complex are Regulation CC and the Bank Secrecy Act (BSA). Regulation CC specifically defines the parameters to make funds available for withdrawal in accordance with specific timeframes. The Bank Secrecy Act requires the filing of currency transaction reports (CTRs) and suspicious activity reports (SARs). These must be done within specified timeframes, on particular forms, and completed accurately.

This webinar will discuss in detail the requirements of the BSA and Regulation CC. It will explain when to hold funds from a deposit and when to let the monies be made available more quickly. Attendees will learn how to handle suspicious activity issues and how to complete a currency transaction report.

Areas Covered in the Webinar:

• Thorough overview of holds: case-by-case and exceptions
• Understanding of when to place holds
• Liabilities of check parties
• Customer's duty to report an unauthorized signature
• Customer's right to stop payment
• CTR Filings: proper completion and when to file
• Money Laundering Red Flags: how to handle and reporting to the BSA Officer
• Privacy of consumer data and conversation

Who Will Benefit:

• Tellers, Head Tellers, and New Accounts
• Chief Compliance Officers
• Internal Auditors
• Risk/Fraud Officer
• Legal Department Personnel

Instructor Profile:

Kara Lamphere is a financial service professional with 16+ years of banking experience including 12+ years of compliance and auditing experience. She is highly skilled in compliance, quality control and audit management with extensive experience in team building, training and employee development.

Kara has a Bachelor’s Degree in Accounting and holds a Certified Internal Auditor license. Her experience has been predominately in financial services with a short stint in public accounting. She began her career as a teller and new accounts representative in college. Internal Audit and Compliance have been the focus of her career by serving as Chief Compliance Officer of a bank, Chief Compliance Officer of a mortgage lender, and VP-Compliance for a mortgage subsidiary which generated $1 billion monthly in mortgage loans. She has also served as a consultant and auditor for banks ranging from $100MM in assets to over $1B in assets.

Topic Background:

Tellers are to be familiar with many laws and requirements affecting deposits. Two of the most complex are Regulation CC and the Bank Secrecy Act. Regulation CC determines when monies are placed on hold and for how long. While a customer wants their deposit to be effective immediately, it is not always allowable to do so or prudent to do so. A teller must know when to hold funds from a deposit and when to let the monies be made available more quickly. Understanding this effectively will keep unnecessary holds from being placed or not enough holds being placed. Be comfortable with these rules helps a teller deliver the message effectively to consumers where holds are required.

A teller, acting in compliance with the Bank Secrecy Act, must also be aware of what might appear to be suspicious activity and how to handle those situations. Tellers are generally the face of the institution and see the clients more often than other positions within the company. As a result, it is necessary for a teller to be keenly aware of the red flags for suspicious activity. Another requirement of the BSA is the filing of currency transaction reports for large cash transactions. CTRs are extensive to fill out and can be overwhelming to the depositor. Knowing how to fill one out is crucial to aiding the depositor’s fears. Additionally, it is important to ensure the CTRs are completed on all necessary transactions.

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