December 22 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

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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.

Tagged as...

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