Originally Presented: May 22, 2018
FinCEN’s 2014 guidance outlines BSA obligations including SAR filing requirements for banking Marijuana-Related Businesses (MRBs). Whether or not your institution chooses to bank these businesses, it is imperative to your compliance program that you identify all potential MRBs in your customer base, even if they did not self-identify at account opening.
To ensure you identify all potential MRBs in your existing customer base and complete the due diligence necessary to understand the nature of business — you likely have to rely on time-consuming manual reports and keyword searches.
This 20-minute session details strategies to overcome the challenges of identifying high-risk customers for more effective due diligence, targeted monitoring, and enhanced reporting. Learn how Verafin uses artificial intelligence and open-source data in high-risk customer finders to automatically identify Marijuana-Related Businesses.
Highlights of this 20-minute presentation:
- Review of highlights from FinCEN Guidance, including red flags, due diligence requirements, and compliance obligations for Marijuana-Related Businesses.
- Discussion on the challenges of identifying Marijuana-Related Business in your existing customer base, who did not self-identify at account opening.
- Overview of the benefits of an Intelligent Segmentation approach to your high-risk customer management program with a focus on MRBs.
- How to get alerted to Marijuana-Related Businesses and other high-risk customers in your existing customer base with Verafin’s high-risk-finder analysis.