Customer risk management
It’s exam time. Is your risk profile ready?
Federal law requires an institution to apply risk management principles to assess and manage Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) risk. Understanding your institution's risk profile enables you to develop an effective BSA/AML compliance program.
Verafin is ready.
- Automatic ongoing risk assessment for your entire institution
- Dynamic risk scoring for every customer based on:
- Geographic location
- Transaction activity
- Customer profile
- Automatically risk scores High Intensity Drug Trafficking Area (HIDTA) and High Intensity Financial Crime Area (HIFCA) regions
- Customers ranked as high, medium or low risk to allow quick customer risk assessment
- User-defined risk scoring for countries, regions, occupations and industries
- Ability to override a Verafin-generated risk score
- Color-coded risk summaries for your institution
Click here to download a Customer Risk Management feature sheet.
- Currency Transaction Reporting
- Suspicious Activity Reporting
- Case management
- Auditing and recordkeeping