High-risk customer management is a significant challenge, as financial institutions must balance the needs of their business and customers with heightened regulatory expectations for customers in high-risk categories. These challenges are exacerbated by conventional Customer Due Diligence/Enhanced Due Diligence (CDD/EDD) approaches that result in process inefficiencies, increased costs, and potential gaps in compliance programs.
Join us as product experts demonstrate how Verafin helps you effectively manage high-risk categories of customers, including private ATM owners, Cannabis-Related Businesses (CRBs), Money Services Businesses (MSBs), Non-Governmental 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.
Highlights from this product demonstration will include:
- Customizable Account Opening Questionnaires. Verafin standardizes the collection of due diligence-related information and provides automated risk assessments at account opening.
- High-Risk Customer Segmentation Analytics. Identify high-risk customers who did not self-identify at account opening and segment them into high-risk categories, such as MSBs, NGOs, CRBs, private ATM owners, and more.
- Configurable Risk Agents. Appropriately assess customer risk based on your institution’s risk appetite.
- Stratified Risk Models. By stratifying risk within high-risk customer categories, Verafin allows you to focus your limited time and resources on customers that pose the greatest risk to your institution.
- Ongoing Surveillance. With a behavior-based approach and targeted analytics, Verafin continuously monitors high-risk customers to identify events that may warrant EDD, and we automatically update customer information or risk scores.
- CDD/EDD Workflows. Verafin streamlines your customer risk management processes with convenient workflows to manage alerts on high-risk customers, upcoming reviews, and cases.