SOLUTION

High-Risk Customer Identification

Go beyond spreadsheets and keywords to intelligently identify higher-risk customers.

Are you banking high-risk customers you don’t know about?

Improper identification of customers in high-risk categories can lead to risk gaps in your BSA/AML program.

Most institutions rely on manual reports, antiquated rules, or front-line account opening questionnaires to identify high-risk accounts, including ATM Owners, MSBs, MRBs, NGOs, and more. But, risk is not static, and customer activity changes over time. How do you ensure that you have an accurate picture of your institution’s risk profile at all times?

From an integrated Account Opening Questionnaire to continuously monitoring your existing customer base with intelligent finder analytics, Verafin’s High-Risk Customer Management solution automates identification of customers in high-risk categories. By increasing the efficiency of your compliance processes and providing a deeper understanding of your risk profile, Verafin closes risk gaps in your high-risk management and customer due diligence program.

Features

CONFIGURABLE ACCOUNT OPENING QUESTIONNAIRE

Ensure front-line staff can quickly collect information on new personal and business accounts that is necessary for customer assessment and identification. The information collected integrates into Verafin for enhanced risk stratification and ongoing surveillance.

CUSTOM NOTIFICATIONS

Verafin allows you to customize inline notifications for your account opening questionnaire. If new high-risk customers are in the onboarding process, automatic messages can prompt front-line staff to collect EDD documents, or to take additional measures, based on your institution’s compliance BSA/AML policies.

ALERTS FOR NEW HIGH RISK CUSTOMER

You can begin due diligence right away with Verafin’s alerts on newly onboarded customers from high-risk categories such as Politically Exposed Persons (PEPs), Non-Resident Aliens (NRAs), Money Service Businesses (MSBs), Marijuana-Related Businesses (MRBs), ATM owners and more.

ALERTS FOR MISSING DOCUMENTATION

Front-line staff are prompted to request enhanced due diligence documentation during the account opening process. Alerts are generated on high-risk accounts if a required document is missing, ensuring there are no gaps in your EDD process.

OPEN-SOURCE & THIRD-PARTY DATA INTEGRATION

Integration of a wide range of open-source and third-party data sources into analysis for enhanced CDD/EDD helps Verafin identify previously unknown high-risk customers. Online registries for Money Services Businesses and state-regulated Marijuana-Related Businesses, along with databases of tax-exemptions for Non-Governmental Agencies and Charities, are examples of data sources that are incorporated into Verafin’s High-Risk Customer Finder analysis.

HIGH-RISK CUSTOMER FINDER ANALYTICS

High-risk customer finder models analyze customer activity and demographics, along with third-party, open-source and cloud data to generate alerts for previously unknown high-risk customers, such as ATM Owners, MSBs, MRBs, NGOs, PEPs and more. Verafin helps you accurately identify those that may be hidden within your customer base, including customers acquired through acquisition, those that did not self-identify at account opening, or those whose activity has changed over time.

CDD/EDD WORKFLOWS

You can easily create Enhanced Due Diligence workflows for your identified high-risk risk customers with Verafin’s fully integrated case management and EDD functionality. With customizable review dates based on stratified risk levels and categories that align with your institution’s risk policies, and the ability to receive email reminders, assign tasks to other users, and attach relevant findings and documentation — Verafin centralizes and streamlines your EDD processes.

Benefits

Reduce compliance workload & cost

Manual identification of high-risk customers with core reports and keyword searches is an inefficient and ineffective process that costs valuable time and can leave gaps in your compliance program.

Verafin increases efficiency in your end-to-end processes by automatically identifying and alerting you to high-risk accounts, and by grouping and stratifying those customers relative to their high-risk category. By continually monitoring activity and automating review cycles, Verafin reduces time spent on EDD reviews, allowing you to focus on only the high-risk customers that pose the greatest risk to your institution.

Grow your business

Mergers and acquisitions, and expansion of products and services, can increase compliance workload and increase the exposure to risk.

With Verafin’s High-Risk Customer Management, you gain greater confidence when your institution’s offerings or overall customer profile changes. Your compliance team will be able to accurately identify and assess customer risk based on your institution’s risk appetite, increasing potential revenue streams while providing greater visibility to senior management and examiners as your institution grows.

Improve your institutional risk profile

Inaccurate identification and assessment of customer risk can weaken your compliance program.

Gain a more accurate assessment and understanding of your customer-risk profile with automated identification. With a configurable AOQ and High-Risk Finder analytics, Verafin finds risk within your customer base, allowing you to properly assess, categorize, and manage customers in higher-risk categories.

More Verafin Benefits

Risk Stratification. Verafin’s high-risk management approach allows you to define what risk means to you, and stratifies risk within high-risk categories, such as MSBs, ATM Owners, and MRBs. This ensures you are reviewing the right customers at the right time, saving time and effort, and providing greater visibility to examiners. Learn more >
EDD Reviews. Verafin’s automated Enhanced Due Diligence solution is a centralized workflow for reviews that integrates in a continuous loop with customer risk and targeted surveillance. The output of the EDD review process dynamically impacts customer risk to ensure an accurate risk score and efficient due diligence process. Learn more >
HRC Surveillance. Verafin’s targeted models provide powerful ongoing surveillance of accounts within specific high-risk categories to improve quality — and reduce volume — of HRC alerts. Analytics draw from the Verafin Cloud to intelligently evolve based on peer data, automatically updating the risk level of any customer demonstrating unusual or risky activity. Learn more >
Anti-Money Laundering (AML). Verafin’s FRAMLx analysis alerts you to wide range of potentially suspicious customer activity occurring across multiple transaction channels. From unusual flow of funds to human trafficking and terrorist financing activity, Verafin’s risk-rated AML alerts ensure criminals are not preying on your institution. Learn more >

Interested in learning more about Verafin's HRC Identification Solution?

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