Are you banking high-risk customers you don’t know about?
Failure to identify high-risk customers and properly segment them into 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 (AOQs) to identify and segment high-risk accounts, including Private ATM Owners, Money Services Businesses (MSBs), Marijuana-Related Businesses (MRBs), Non-Governmental Organizations (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?
With an integrated AOQ and segmentation agents that continuously monitor your existing customer base, Verafin’s High-Risk Customer Management solution automatically identifies high-risk customers and intelligently segments them into 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 customer management and customer due diligence (CDD) programs.