September 11 at 12:30 PM - 01:30 PM EST

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

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

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How effective is your institution’s high-risk customer management program? From identification to assessment, to continuous review and monitoring — current approaches to 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 is being done in a way which results in process inefficiencies, wasted time and increased cost.

Verafin’s end-to-end High-Risk Customer Management helps you effectively manage higher-risk categories of customers, including Private ATM Owners, MRBs, MSBs, NGOs, and more. Our 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 group customers in 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 Questionnaire to standardize the initial collection and ongoing updating of due diligence-related information, as well as automated risk assessment at account opening.
  • High-Risk Customer Identification Analytics that alert you to categories of customers who did not self-identify at account opening, including MSBs, NGOs, MRBs, Private ATM Owners, and more.
  • Configurable Risk Models allowing for appropriate assessment based on your institution’s risk appetite.
  • Stratified Risk Models to group customers into high-risk categories, including NRAs, NGOs, CIBs, etc., and to stratify risk within those categories to help 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, for triggering events that may warrant enhanced due diligence, and for updates to customer information or risk score.
  • CDD/EDD Workflow 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