Safe Deposit Box Compliance: Disclosures, Due Diligence & Drilling

Safe deposit boxes may seem routine, but weak procedures can create major regulatory and legal risks. This session will detail critical requirements for disclosures, documentation, access controls, and box drilling. Learn how to respond when a lessee dies, handle unclaimed property, and recognize red flags for suspicious activity. Join us to review best practices, compliance expectations, and examiner hot spots to ensure your SDB program stands strong under scrutiny.

We all know safe deposit boxes are an essential part of many financial institutions, but did you know that neglecting their proper maintenance and security measures can lead to compliance and legal issues? In this session, we'll explore the importance of having detailed procedures and strong controls for opening and maintaining safe deposit boxes.

Safe deposit boxes may not seem like a flashy area of banking, but don’t let this regulatory “sleeper” fool you. Examiners have cited findings for lack of sufficient policies and procedures and inadequate controls. Quite simply, these are areas that we tend to “set and forget” and it’s reflected in our examination reports. Are you properly monitoring for suspicious activity in your SDB area? What happens if an SDB lessee passes away? When is it okay to drill a box and when isn't it? When do unclaimed property rules apply? If you hesitated in answering any of these questions, then this session is for you!

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