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.