Why Every Institution Needs Intelligent Segmentation

Originally Presented: April 24, 2018

Despite the best efforts of diligent compliance teams like yours, who have to rely on manual reports and processes, it is hard to know if... 

Improving your risk-based CDD with intelligent categorization

April 17, 2018 by Nasdaq Verafin

2018 updates to Customer Due Diligence requirements have increased regulatory emphasis on how BSA/AML departments must conduct ongoing customer due diligence. The FFIEC BSA/AML Examination Manual states that AML programs, at a minimum, are required to implement: appropriate risk-based procedures... 

Optimizing high-risk customer management and ongoing due diligence

March 20, 2018 by Nasdaq Verafin

An already challenging BSA/AML compliance risk environment continues to grow in complexity, as financial institutions seek to meet requirements for due diligence on higher-risk categories of customers. Without question, risk management is at the forefront of today’s regulatory scrutiny. In... 

Today’s Risk Landscape: High-Risk Customer Groups

Originally Presented: March 14, 2018

FinCEN’s final rule on Customer Due Diligence Requirements has brought increased scrutiny on compliance programs to understand the nature and purpose of customer relationships on... 

Beneficial Ownership FAQs

November 14, 2017 by Nasdaq Verafin

A lot of digital ink has been spilled concerning the collection of Ultimate Beneficial Owner (UBO) information. Most of the buzz around the FinCEN’s final rule on Customer Due Diligence (CDD) Requirements for Financial Institutions, since it was introduced, rests... 

Beneficial Ownership: 5 Key Compliance Obligations

August 14, 2017 by Nasdaq Verafin

For many years, financial crime investigators have warned of possible links between shell companies and international money laundering activity. In the 2013 report How Shell Companies Aid Terrorism, Crime and Corruption, the Open Society Foundations discussed how shell companies are used to launder billions... 

Customer & Enhanced Due Diligence (CDD & EDD)

The CDD Final Rule: Seven Things to Remember

July 7, 2016 by Nasdaq Verafin

Until now, the lack of any general requirement for financial institutions (FIs) to know and verify the identity of the beneficial owners of their entity customers created the opportunity for criminal exploitation of the banking system through anonymous access. This... 

Watch List Scanning

Federal law requires financial institutions to scan customers and transactions against watch lists to identify entities that may be involved in possible money laundering or...