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 of this engaging session include identification and segmentation of high-risk customers, risk stratification, ongoing customer surveillance, EDD workflows and more.