A critical first step to prepare for your next exam is assessing your current CDD processes — whether they are manual or automated — to ensure that they align with the exam requirements for collecting customer information at account opening, risk profiling, high-risk customer management, and ongoing transaction monitoring.
Has your institution considered the benefits of completely automating your end-to-end CDD process by using software? Verafin allows you to understand your customer’s risk at every aspect of their lifecycle to provide an accurate picture of your institution’s risk profile — while ensuring complete compliance with the FFIEC CDD requirements.
Join us as we demonstrate how Verafin’s AML approach aligns with CDD requirements as outlined in the FFIEC Exam Manual and is the optimal solution for end-to-end due diligence to help you meet examiner expectations for CDD/EDD and ongoing monitoring of higher-risk customers.
Highlights of this product demonstration will include:
- Review of FFIEC CDD Exam procedures for Customer Due Diligence, Customer Risk Profile, and Customer Information – Risk-based Procedures, including Higher Risk Profile Customers, Ongoing Monitoring of Customer Relationships
- Overview of Verafin’s risk-based AML approach that aligns with the FFIEC Exam Manual for Customer Due Diligence including:
- Account Opening Questionnaire to collect information to uncover high-risk categories of customers and establish baseline activity for ongoing monitoring.
- Identification of Risk Factors from integrated AOQ, open-source data enrichment, and targeted analytics to find higher risk customers you are not able to identify.
- Configurable Risk Models that allow for appropriate assessment based on your institution’s risk appetite, and intelligent segmentation that categorizes and stratifies customer risk profiles for more accurate institutional risk profile.
- Targeted Transaction Monitoring for High-Risk Categories to help identify activity that may pose a greater risk to your institution, and customer’s that may require enhanced due diligence.
- EDD workflow to help alleviate the challenges of maintaining and updating information throughout the lifecycle of a customer.