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, Nasdaq 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, Nasdaq Verafin closes risk gaps in your high-risk customer management and customer due diligence (CDD) programs.
Features
Benefits
Reduce compliance workload & cost
Manual identification and categorization 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.
Nasdaq Verafin increases efficiency in your end-to-end processes by automatically identifying and alerting you to high-risk accounts, segmenting customers into appropriate categories, and stratifying those customers relative to others in their high-risk category. By continually monitoring activity and automating review cycles, Nasdaq 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, or expansion of products and services, can increase your compliance workload and the exposure to risk.
With Nasdaq Verafin’s High-Risk Customer Management solutions, 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 segmentation of high-risk customers. With a customizable AOQ and high-risk customer segmentation analytical agents, Nasdaq Verafin finds and segments risk within your customer base, allowing you to properly assess and manage customers in higher-risk categories.
