High-Risk Customer Management

Improve due diligence processes, manage customer risk, and strengthen BSA/AML compliance with Verafin’s High-Risk Customer Management.

Not all high-risk customers are created equal

Institutions are under increased regulatory pressure surrounding Customer Due Diligence and Enhanced Due Diligence (CDD/EDD), particularly regarding the identification, risk scoring, and surveillance of FFIEC high-risk customer types. These challenges are exacerbated by conventional CDD/EDD approaches that result in process inefficiencies, wasted time and increased cost.

Verafin’s High-Risk Customer Management solution reduces the compliance burden and improves efficiency of ongoing due diligence by managing high-risk customers in a targeted way. Our intelligent risk categorization approach identifies, categorizes, stratifies and actively monitors ongoing high-risk customer activity.

Solutions

HIGH-RISK CUSTOMER IDENTIFICATION

Verafin offers institutions a configurable Account Opening Questionnaire (AOQ) to collect information, including beneficial ownership, and alert back-office staff to newly onboarded high-risk customers. If high-risk accounts are not uncovered at account opening, our high-risk customer identification analytics, leveraging big data intelligence in the Verafin Cloud, alert you to unknown high-risk customers hidden in your customer base.

RISK STRATIFICATION

With a stratified approach, Verafin addresses how risk differs within each high-risk category of customers. By automatically risk scoring each high-risk customer relative to other customers in that category, Verafin provides a more accurate customer risk profile that aligns with your institution’s risk appetite and reduces time spent on due diligence processes.

HIGH-RISK CUSTOMER SURVEILLANCE

With ongoing high-risk customer surveillance, Verafin continuously monitors customer activity in each category for specific risk factors between EDD reviews, and alerts investigators when additional scrutiny or adjustments to customer risk profiles may be needed. Surveillance seamlessly integrates into the automated EDD workflow in Verafin to reduce your review workload for high-risk customers.

ENHANCED DUE DILIGENCE WORKFLOW

Verafin’s fully integrated case management and EDD functionality help you easily create review workflows for your high-risk customers for more efficient due diligence processes. You can establish review dates based on your institution’s policies, receive email reminders, assign tasks to other users, and with our visual storytelling approach, you can create and attach reports and documentation — all within Verafin.

Benefits

Define what risk means to you

Managing risk is often a one-size-fits-all approach, but not all high-risk customers are created equal. A local charity, for example, likely does not present the same level of risk to your institution as an international NGO.

Verafin provides configurable risk models that help you manage risk according to your institution’s risk appetite. Risk is stratified across your entire customer base, and further stratified within each high-risk category. This ensures you review the right customers at the right time and provides greater visibility of your institution’s risk profile to your examiner.

Reduce compliance workload & cost

Inefficient EDD processes result from a one-size-fits-all approach to risk that creates too many high-risk customers.

Verafin increases efficiency in your end-to-end processes by automatically alerting you to high-risk accounts, and by grouping and stratifying those customers relative to the risk they pose to your institution. By continually monitoring activity and automating review cycles, Verafin reduces time spent on EDD reviews, allowing you to focus on the activity that poses the greatest risk to your institution.

See the full picture with enhanced data integration

Investigators with limited time, resources and information can find it challenging to accurately assess customer risk.

Verafin integrates a wide range of open-source and third-party data into the Verafin Cloud, employing big data intelligence and analysis for enhanced CDD/EDD, with analytics to identify unknown high-risk customers. These automated alerts reduce the time spent monitoring reports and spreadsheets, improving decision-making efforts and providing a better understanding of your customers and the risk they represent to your institution.

Improve your institutional risk profile

Inaccurate identification and assessment of customer risk can weaken your compliance program.

Gain a more accurate assessment and understanding of your customer risk profile with Verafin’s intelligent risk categorization, reducing the compliance burden by managing high-risk customers in a targeted way. Analytical models help you find previously unknown high-risk customers within your customer base, to properly assess, categorize, and manage them.

WHY CHOOSE VERAFIN

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Big Data Intelligence

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Visual Storytelling

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Collaborative Investigations

More Verafin Features

CDD/EDD. From a customizable Account Opening Questionnaire to ongoing monitoring, Verafin helps you know your customer throughout your relationship, enhancing your risk assessment process and alerting you to unusual behavior. Learn More >
Automated SAR functionality. At the click of a button you can create a pre-populated Suspicious Activity Report (SAR). Complete your narrative and queue it for overnight electronic submission directly from Verafin to FinCEN. Verafin can also remind you when it is time for 90-day refiling, if the potentially suspicious activity continues. Learn More >
Integrated case management. Integrated case management functionality lets you create a fully audited and tracked investigation. Upload related files, assign tasks to other users, and document your decisions — all in one location. Learn More >
Watch list scanning. Verafin automatically scans your customers nightly against installed watch lists, including OFAC, 314(a), and internally-created lists. Institutions, including front-line staff, can also manually search watch lists for entities at any time. Learn More >

Interested in learning more about Verafin's High-Risk Customer Management?

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