June 09 at 12:30 PM - 01:30 PM EST

End-to-End High-Risk Customer Management & CDD/EDD

Segmentation, Stratification, Surveillance & EDD Workflows for High-Risk Customers

Share This...

How effective is your institution’s high-risk customer management program? From identification to assessment, to continuous review and monitoring — current approaches to Customer Due Diligence/Enhanced Due Diligence (CDD/EDD) for high-risk customers often involve manual, disconnected processes. High-risk customers go undetected as institutions rely solely on account opening questionnaires or keyword searches. In addition, using broad risk models can result in too many high-risk customers. This increases the workload on compliance teams that manage their EDD reviews manually.

In general, CDD/EDD and high-risk customer management are performed in a way which results in process inefficiencies, wasted time and increased cost.

Verafin’s end-to-end High-Risk Customer Management solution helps you effectively manage higher-risk categories of customers, including private ATM owners, Marijuana-Related Businesses (MRBs), Money Services Businesses (MSBs), Non-Gorvernmental Organizations (NGOs), and more. Our segmented and stratified approach to risk provides a more accurate assessment of your high-risk customers — saving you valuable time, so you can focus on the customers that pose the greatest risk to your institution.

Join us as product experts demonstrate how Verafin identifies risk factors to segment customers into high-risk categories, stratifies the risk within those groups and, through ongoing high-risk customer surveillance, provides a more accurate picture of your institution’s risk profile.

Highlights from this product demonstration will include:

  • Customizable Account Opening Questionnaires to standardize the initial collection and ongoing updating of due diligence-related information, and provide automated risk assessment at account opening.
  • High-Risk Customer Segmentation Analytics identifying high-risk customers who did not self-identify at account opening and segmenting them into high-risk categories, such as MSBs, NGOs, MRBs, private ATM owners, and more.
  • Configurable Risk Agents allowing for appropriate assessment based upon your institution’s risk appetite.
  • Stratified Risk Models to stratify risk within high-risk customer categories, helping you focus your limited time and resources on customers that pose the greatest risk to your institution.
  • Ongoing Surveillance with targeted monitoring of higher-risk customers, identifying events that may warrant enhanced due diligence, and updating customer information or risk scores.
  • CDD/EDD Workflows to streamline your customer risk management processes with convenient workflows to manage alerts on high-risk customers, upcoming reviews, and cases.

Tagged as...

  •   BSA/AML Compliance
  •   CDD/EDD
  •   High-Risk Customer Management
  •   Intelligent Segmentation
  •   Money Laundering