Financial institutions invest significant time and resources into identifying customers in high-risk categories, such as Private ATM Owners, Money Service Businesses (MSBs), Marijuana-Related Businesses (MRBs), Non-Governmental Organizations or Charities (NGOs), Cash Intensive Businesses (CIBs), and more.
Unfortunately, for most compliance professionals these processes are primarily manual today. Continuously updating and reviewing reports and spreadsheets can hinder your ability to meet examiners expectations, fulfill compliance requirements, and follow your institution’s policies for uncovering high-risk customers.
Join us to learn how to alleviate manual processes for identifying higher-risk customers, automate due diligence processes, and strengthen your overall compliance program.
Highlights of this webinar:
- Review of CDD/EDD requirements and expectations for higher-risk categories of customers as outlined in the FFIEC BSA/AML Examination Manual.
- Discussion on the challenges and potential risks of conventional processes for manually identifying and managing high-risk customers.
- Overview of new technology approaches with targeted monitoring for risk factors, alerting you to unidentified higher-risk categories, including:
- Private ATM Owners
- Money Service Businesses (MSBs)
- Marijuana-Related Businesses (MRBs)
- Non-Governmental Organizations (NGOs) or Charities
- Cash Intensive Businesses (CIBs)