Did you inherit the safe deposit area and then start wondering what liability might exist? Historically, this responsibility has been routinely passed from employee to employee with little attention given to existing procedures or documentation. Unfortunately, only after a serious employee mistake or a disaster, burglary or lawsuit occurs, does management turn its attention to this area.

What You Will Learn:

This presentation answers many thought-provoking questions and addresses the following topics:

Regulatory Compliance and Legal Issues:

• Why did the FBI and DEA drill all boxes and seize the renter’s box contents?
• What seven (7) suspicious safe deposit activities require you to submit a SAR?
• Why are financial institutions being sued after incorrectly drilling renter boxes?
• How does the Servicemembers Civil Relief Act (SCRA) apply to past due boxes?
• Does the “Beneficial Ownership of Legal Entities” law apply to all business boxes?

Security and Disaster Recovery Issues:

• Why did $400 million in box contents disappear during a safe deposit vault burglary?
• How can FDIC or NCUA signs, logos or brochures create safe deposit liability?
• Why should all renters be provided with a “No Insurance” disclosure form?
• What thirty questions will always be asked in any safe deposit lawsuit?
• Why are nationwide safe deposit vault burglaries now on the rise?