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Can you summarize Expanded Examination Procedures For Products and Services > Electronic Banking?
Expanded Examination Procedures For Products and Services > Electronic Banking
Short Summary
This document provides an overview of the risks associated with electronic banking (e-banking) and the management systems required to mitigate these risks. It covers various e-banking services such as automated teller machine (ATM) transactions, online account opening, internet banking transactions, and telephone banking. The document emphasizes the need for banks to develop adequate policies, procedures, and processes for customer identification and monitoring in e-banking. It highlights the importance of capturing and monitoring electronic transactions, identifying red flags, and implementing risk mitigation measures. The document also specifically addresses the risks and risk mitigation strategies related to Remote Deposit Capture (RDC) services. It provides guidance on conducting risk assessments, customer due diligence, vendor due diligence, and establishing appropriate transaction limits. Overall, the document aims to ensure that banks have effective systems in place to manage the risks associated with e-banking and RDC activities.
Whom does it apply to?
Banks and financial institutions offering electronic banking services
What does it govern?
Electronic Banking
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government