Financial institutions are under increased Customer Due Diligence and Enhanced Due Diligence (CDD/EDD) regulatory pressure, particularly regarding the identification, risk scoring and surveillance of FFIEC high-risk customer types. But with the sheer number of high-risk customers, ongoing assessment is extremely challenging, and traditional CDD/EDD practices result in process inefficiencies, wasted time and increased cost.
Verafin’s High-Risk Customer Management solution, with an end-to-end approach to CDD/EDD, applies intelligent risk categorization to identify, categorize, stratify, and actively monitor ongoing high-risk customer activity. Our solution enables BSA/AML professionals to perform powerful and efficient ongoing due diligence, representing the true risk faced by your institution. Verafin reduces the compliance burden and improves efficiency by managing high-risk customers in a targeted way.