Case Study | Reducing Risk: Finding High-Risk Accounts & Preventing Fraud Losses in Real Time

Case Study
Reducing Risk: Finding High-Risk Accounts & Preventing Fraud Losses in Real Time

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“With Verafin’s Private ATM Owner finder alerts, we discovered we actually had 45 [ATM owners]. It was eye opening that there were high-risk customers we didn’t know about.
I am so glad that Verafin found these private ATM owners prior to our next exam. Not knowing … could have resulted in a finding, or worse, a fine for the bank.”

Stacey Iverson, BSA and Fraud Officer, Bell Bank ($5.4B)
When an examination in early 2018 reinforced the fact that Bell Bank ($5.4B) needed a more robust program for customer due diligence (CDD), enhanced due diligence (EDD) and identifying high-risk customers, the institution turned to Verafin to get prepared for Ultimate Beneficial Ownership, and strengthen their high-risk customer management and CDD/EDD processes.

In this case study, you’ll read how BSA and Fraud Officer Stacey Iverson, and her team at Bell Bank, have increased confidence going into their next exam, thanks to the extra level of scrutiny that Verafin’s robust CDD/EDD solutions provide for identifying and managing their high-risk customers.

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