Not all high-risk customers are created equal
Institutions are under increased regulatory pressure in the area of ongoing customer due diligence, particularly regarding the identification, risk scoring, and surveillance of FFIEC high-risk customer types. But with the sheer number of high-risk customers, the on-going assessment of this group is extremely challenging and CDD/EDD is being done in a way which results in process inefficiencies, wasted time and increased cost.
Verafin reduces the compliance burden and improves efficiency 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. This enables BSA/AML professionals to perform powerful and efficient ongoing due diligence that is in-line with the true risk the customer poses to the institution.