Case Study

Switching to Stay Compliant

City Bank’s BSA/AML Program Stays Ahead of the Curve with Verafin

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City Bank •  Location: Lubbock, TX
Assets: $2.7B  •  Core Banking System: Jack Henry – Silverlake System

“When we moved over to Verafin, it made our risk scoring much more robust. We are now able to collect more information and really drill down to understand each of our customers from a risk perspective, and their expected behaviors.

Stacy Bohn, AVP Assistant BSA Officer, City Bank ($2.7B)

In 2018, City Bank switched to Verafin from a previous AML provider to prepare for FinCEN’s Customer Due Diligence (CDD) Final Rule. While Verafin helped automate and expand upon the customer information City Bank collects at account opening, the High-Risk Customer Management solution also identified high-risk customers hiding in their customer base, such as Private ATM Owners and Non-Governmental Organizations.

In this case study, you’ll read how the Verafin Financial Crime Management platform has helped City Bank move away from tedious, manual customer reviews, with paper files, spreadsheets, and calendar reminders, to an integrated and automated Customer Due Diligence and Enhanced Due Diligence (CDD/EDD) solution. Verafin has also increased the efficiency of City Bank’s investigation processes, reducing the volume of alerts by half while providing higher quality investigative information.

Tagged as...

  •   BSA/AML Compliance
  •   CDD/EDD
  •   Examination
  •   High-Risk Customer Management
  •   Human Trafficking