End-to-End High-Risk Customer Management & CDD/EDD

Segmentation, Stratification, Surveillance & EDD Workflows for High-Risk Customers

High-risk customer management is a significant challenge, as financial institutions must balance the needs of their business and customers with heightened regulatory expectations for customers in high-risk categories. These challenges are exacerbated by conventional Customer Due Diligence/Enhanced Due Diligence (CDD/EDD) approaches that result in process inefficiencies, increased costs, and potential gaps in compliance programs.

In this insightful demonstration, Verafin Product Evangelist Corey Lynch discusses how Verafin can help you effectively manage high-risk categories of customers, including private ATM owners, Cannabis-Related Businesses (CRBs), Money Services Businesses (MSBs), Non-Governmental Organizations (NGOs), and more. Our segmented and stratified approach to risk provides a more accurate assessment of your high-risk customers — saving you valuable time, so you can focus on the customers that pose the greatest risk to your institution.

Highlights from this engaging event include:

  • Customizable Account Opening Questionnaires. Verafin standardizes the collection of due diligence-related information and provides automated risk assessments at account opening.
  • High-Risk Customer Segmentation Analytics. Identify high-risk customers who did not self-identify at account opening and segment them into high-risk categories, such as MSBs, NGOs, CRBs, private ATM owners, and more.
  • Configurable Risk Agents. Appropriately assess customer risk based on your institution’s risk appetite.
  • Stratified Risk Models. By stratifying risk within high-risk customer categories, Verafin allows you to focus your limited time and resources on customers that pose the greatest risk to your institution.
  • Ongoing Surveillance. With a behavior-based approach and targeted analytics, Verafin continuously monitors high-risk customers to identify events that may warrant EDD, and we automatically update customer information or risk scores.
  • CDD/EDD Workflows. Verafin streamlines your customer risk management processes with convenient workflows to manage alerts on high-risk customers, upcoming reviews, and cases.
  •   BSA/AML Compliance
  •   CDD/EDD
  •   High-Risk Customer Management
  •   Intelligent Segmentation
  •   Money Laundering