Original publication date: April 26, 2020
Question:
How long does it typically take for an account to be approved?
Answer:
Completion of review varies and is driven by whatever the agreed upon SLA is. COS uses CSI WatchDOG to run OFAC and PEP scans on the customer being onboarded. This is to approve the customer, not the account.
If the scan produces a hit however, then Cross River's BSA/AML team will need to review the customer manually which delays the process.