SOLUTION

Customer Due Diligence (CDD) & Enhanced Due Diligence (EDD)

Stay a step ahead of regulatory due diligence demands throughout the life of a customer relationship.

Strengthen your customer intelligence and KYC processes

Customer Due Diligence (CDD) is the cornerstone of effective customer risk management. To maximize their effectiveness, CDD/EDD processes need to be streamlined across the entire customer life cycle. Data collected at account opening but not utilized during the assessment of future customer activity is a lost opportunity and a blind spot in customer risk assessment.

Verafin ties all stages of the customer lifecycle together. From customer onboarding to ongoing transaction monitoring, Verafin provides you with a complete, customer-centric CDD solution — helping you accurately assess the customers that pose the greatest criminal risk to your institution.

Features

CONFIGURABLE CDD (ACCOUNT OPENING) QUESTIONNAIRE

Ensure front-line staff capture all required information for new personal and business accounts that is important to your ongoing customer assessment.

ULTIMATE BENEFICIAL OWNERSHIP INFORMATION

Capture beneficial ownership information, including control and ownership prongs, for new accounts and established customers.

FRONT-LINE NOTIFICATIONS

Generate customizable notification messages to front-line staff when opening an account for specific types of high-risk entities. The message triggers can be configured in line with the high-risk entity types established in the FFIEC BSA Examination manual.

ONGOING MONITORING

Verafin monitors customer activity throughout their relationship with your institution, and alerts you to activity that exceeds expected behavior declared at account opening.

SIMPLIFIED EDD WORKFLOW

Fully integrated case management functionality helps you manage EDD reviews for high risk customers, including setting and assigning reminder tasks, and maintaining all appropriate documentation in one centralized location.

HIGH-RISK CUSTOMER MANAGEMENT

Verafin can alert you to new high-risk customers such as PEPs, NRAs, PSPs or ATM owners, and stratifies risk within those groups — providing enhanced transaction monitoring, more flexibility for high-risk customer reviews, and more accurate picture of your institution’s risk profile.

Benefits

Automated customer risk assessment

Verafin automatically creates a risk profile for each of your customers and categorizes them into the appropriate risk category. Assessment is based on numerous parameters, including entity, geographic, and product risk factors — presented in a color-coded Customer Risk Scoring dashboard.

Visual representation of customer relationships

Verafin presents you with a visual representation of all entities and accounts with a relationship to a particular customer, helping you understand the bigger picture of potential risk and complete more in-depth due diligence.

Standardized customer data

Verafin’s CDD questionnaire includes tools that help standardize collections of customer information, from defined value ranges for expected transactions, to a convenient NAICS Code Finder that automatically suggests the correct NAICS code to the front-line users.

More Verafin Benefits

Enterprise reporting. With hundreds of ad-hoc data reports, and the ability to create custom reports that include the information fields you need, Verafin helps improve auditing, reporting and record-keeping of all aspects of your fraud and AML detection efforts. Learn more >

Integrated case management. Integrated case management functionality lets you create a fully audited and tracked investigation. Upload related files, assign tasks to other users, and document your decisions — all in one location. Learn more >
Watch list scanning. Verafin automatically scans your customers nightly against installed watch lists, including OFAC, 314(a), and internally-created lists. You, or your front line staff, can also manually search watch lists for entities at any time. Learn more >
Automated SAR functionality. At the click of a button you can create a pre-populated SAR. Complete your narrative and queue it for overnight electronic submission directly from Verafin to FinCEN. Verafin can also remind you when it is time for 90-day refiling, if the suspicious activity continues. Learn more >

Interested in learning more about Verafin's CDD/EDD Solution?

Products