BlogImproving your risk-based CDD with intelligent categorizationApril 17, 2018 by 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... |
BlogOptimizing high-risk customer management and ongoing due diligenceMarch 20, 2018 by 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... |
Archived WebinarToday’s Risk Landscape: High-Risk Customer GroupsOriginally 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... |
BlogBeneficial Ownership FAQsNovember 14, 2017 by 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... |
BlogBeneficial Ownership: 5 Key Compliance ObligationsAugust 14, 2017 by 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... |
Feature SheetCustomer & Enhanced Due Diligence (CDD & EDD)Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) are the cornerstones of effective customer risk management. Verafin’s configurable Customer Due Diligence (CDD) questionnaire enables... |
BlogThe CDD Final Rule: Seven Things to RememberJuly 7, 2016 by 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... |
Feature SheetWatch List ScanningFederal law requires financial institutions to scan customers and transactions against watch lists to identify entities that may be involved in possible money laundering or... |
