Case Study

Reducing Risk

Finding High-Risk Accounts & Preventing Fraud Losses in Real Time

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Bell Bank • Location: Fargo, ND
Assets: $6B • Core Banking System: Fiserv Signature

“With Verafin’s Private ATM Owner finder alerts, we discovered we actually had 45. It was eye opening that there were high-risk customers we didn’t know about, either because they didn’t tell us when they opened their account, or because they added an ATM at some later point without letting us know. I am so glad that Verafin found these Private ATM Owners prior to our next exam. Not knowing about these high-risk accounts could have resulted in a finding, or worse, a fine for the bank.”

Stacey Iverson, BSA and Fraud Officer, Bell Bank ($6B)

When an examination in early 2018 reinforced the fact that Bell Bank ($6B) needed a more robust program for customer due diligence (CDD), enhanced due diligence (EDD) and identifying high-risk customers, the institution turned to Verafin to get prepared for Ultimate Beneficial Ownership, and strengthen their high-risk customer management and CDD/EDD processes.

In this case study, you’ll read how BSA and Fraud Officer Stacey Iverson, and her team at Bell Bank, have increased confidence going into their next exam, thanks to the extra level of scrutiny that Verafin’s robust CDD/EDD solutions provide for identifying and managing their high-risk customers.

Tagged as...

  •   BSA/AML Compliance
  •   Business Email Compromise
  •   CDD/EDD
  •   FRAML
  •   High-Risk Customer Management
  •   Wire Fraud