TOPIC: Monitoring

Credit Card Monitoring for Suspicious Activity Monitoring and SAR Reporting

Employee at a bank ($918MUSA)
Does anyone use WorldPay for their credit card provider?  If so, what kind of Suspicious Activity Monitoring do you have in order to determine if there are SAR filing obligations?  
Are there any reports you are reviewing?  
Do you utilized Spend Trend, and if so - how do you use it?  
Do you create your own reports?

Thank you in advance!

    Using Big Data Intelligence for Big Gains in Fighting Crime - Join us on March 6

    March 6 at 12:30 PM - 01:30 PM EST
    Using Big Data Intelligence for Big Gains in Fighting Crime
    How your Institution Can Leverage Data and Technology in the Cloud for Fraud Detection, AML and High-Risk Customer Management

    Part of a Special Series on The New Future of Fighting Crime

    Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

    Institutions are facing increased pressure to mitigate the risk of fraud and money laundering, and stay compliant. But as workload and costs increase, false positives can overwhelm already strained resources, so there is significant risk in relying on manual processes or rules-based monitoring systems.

    To effectively fight crime, investigators need to leverage vast amounts of data from numerous sources in their analysis. Verafin imports and analyzes an immense data set from multiple sources, including core data, ancillary data, open-source and third-party data, and consortium data. In fact, before Verafin it would have been unthinkable to analyze that much data. By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week, our approach reduces false positives and increases the quality of your alerts.

    Join us to learn how Verafin’s Big Data Intelligence approach keeps you ahead of fraud trends and regulatory changes, provides higher-quality, targeted alerts, and gives you a complete view of activity, including crimes that span multiple institutions.

    Highlights of this presentation will include how Verafin’s Big Data Approach helps you fight crime by:

    • Providing a complete picture of activity in a single system ensuring greater visibility of potential risks, while saving you valuable time and money.
    • Leveraging cloud technology and cross-institutional analysis to proactively detect and mitigate risk, reduce costs, and protect your customers and institution.
    • Integrating and analyzing multiple data sources to improve alert quality, such as peer profiling, high-risk customer labeling, payee confidence, and geolocation data.
    • Applying Machine Learning to learn from labeled data, further improving detection and monitoring capabilities.
    • Partnering with you to develop solutions to real-world problems with targeted, expert-driven models for Fraud Detection, AML Transaction Monitoring and High-Risk Customer Management.

    Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

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      eBook - Suspicious Activity Reporting for Dummies®

      Dummies eBook
      Suspicious Activity Reporting for Dummies®

      Download now: https://verafin.com/resource/suspicious-activity-reporting-for-dummies/?src=cbanc

      Suspicious Activity Reporting for Dummies® walks you through the process of filling out your SAR accurately and efficiently and offers tips on how to spot and track potential money laundering activities.

      Look inside for helpful advice on how to make your AML workflow more efficient, save on costs, and streamline your institution’s monitoring and reporting processes with automated SAR e-filing.

      Download now: https://verafin.com/resource/suspicious-activity-reporting-for-dummies/?src=cbanc

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        [FREE] Webinar Tomorrow: Fraud Detection the Future is Collaborative

        Happy Hump Day CBANC'ers! I wanted to let you all know about a free webinar we're having with Scott Peddle from our partner, Verafin, tomorrow 12/6 at 11AM Central. This will be a session on how to leverage data to fight financial crime. If you can't make it live you can register anyways to get the playback materials. You can learn more and register here: https://www.cbancnetwork.com/education/webinars/view/11f0d34c-c855-4b7e-be9e-37b48ecefa52

          Using Big Data Intelligence for Big Gains in Fighting Crime

          Part 1 in a Special Series on The New Future of Fighting Crime
          How your Institution Can Leverage Data and Technology in the Cloud for Fraud Detection, AML and High-Risk Customer Management
          November 07 at 12:30 PM - 01:30 PM EST

          Institutions are facing increased pressure to mitigate the risk of fraud and money laundering, and stay compliant. But as workload and costs increase, false positives can overwhelm already strained resources, so there is significant risk in relying on manual processes or rules-based monitoring systems.

          To effectively fight crime, investigators need to leverage vast amounts of data from numerous sources in their analysis. Verafin imports and analyzes an immense data set from multiple sources, including core data, ancillary data, open-source and third-party data, and consortium data. In fact, before Verafin it would have been unthinkable to analyze that much data. By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week, our approach reduces false positives and increases the quality of your alerts.

          Join us to learn how Verafin’s Big Data Intelligence approach keeps you ahead of fraud trends and regulatory changes, provides higher-quality, targeted alerts, and gives you a complete view of activity, including crimes that span multiple institutions.

          Highlights of this presentation will include how Verafin’s Big Data Approach helps you fight crime by:

          • Providing a complete picture of activity in a single system ensuring greater visibility of potential risks, while saving you valuable time and money.
          • Leveraging cloud technology and cross-institutional analysis to proactively detect and mitigate risk, reduce costs, and protect your customers and institution.
          • Integrating and analyzing multiple data sources to improve alert quality, such as peer profiling, high-risk customer labeling, payee confidence, and geolocation data.
          • Applying Machine Learning to learn from labeled data, further improving detection and monitoring capabilities.
          • Partnering with you to develop solutions to real-world problems with targeted, expert-driven models for Fraud Detection, AML Transaction Monitoring and High-Risk Customer Management.

          Register now: https://verafin.com/event/using-big-data-intelligence-big-gains-fighting-crime/?src=CBANC

          Register for more upcoming events in the series:

          PART 2: Visual Storytelling to See the Full Picture, Faster – Nov. 21

          https://verafin.com/event/visual-storytelling-see-full-picture-activity-faster/?src=CBANC

          PART 3: Collaborative Investigations: Connecting the Dots to Stop Crime – Dec. 5

          https://verafin.com/event/collaborative-investigations-connecting-dots-stop-crime/?src=CBANC

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            Blog | Optimizing high-risk customer management and ongoing due diligence

            How end-to-end AML technology improves the effectiveness of high-risk customer monitoring in a complex BSA/AML risk environment

            As we move through 2018, an already challenging BSA/AML compliance risk environment continues to grow in complexity with financial institutions (FIs) facing the formidable task of performing ongoing due diligence on customers within high-risk categories.

            The looming FinCEN Final Customer Due Diligence (CDD) Rule, and its requirement that covered FIs adapt their policies and procedures to ensure Beneficial Ownership information is collected for new relationships on a go-forward basis, is a top concern for BSA/AML professionals. Gathering this information is just the beginning.

            Our latest blog outlines how a risk-based approach to compliance goes far beyond collecting information at account opening. FIs must understand high-risk customer relationships, such as ATM Owners, MSBs, MRBs, NGOs, etc., throughout their lifecycle — from identification to ongoing activity monitoring.

            Read about the challenges of high-risk customer management and how technology can play a key role in improving your efforts to implement an efficient and effective risk-based approach.

            Read the full blog: https://verafin.com/2018/03/optimizing-high-risk-customer-management-ongoing-due-diligence/?src=CBANC

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              Online Banking Monitoring

              Manager at a bank ($420MUSA)

              Would you please share your bank's procedures (limits, parameters, etc) you have in place for reviewing online banking activity (bill pay, p2p, transfers) for BSA/AML purposes. A recent audit recommended we implement better monitoring for these activities. We do not have BSA Software to handle this so we are utilizing system reports and manual review.

              I appreciate your responses!

                Free Webinar: Strengthening Your BSA Program with Artificial Intelligence

                Thursday, Sept 13th - 1.25 CAFP, CFSSP, CRCM Credits

                Artificial intelligence (AI) is becoming part of our everyday lives. While the adoption of AI in AML has been relatively slow, using it properly can strengthen your BSA program by allowing your systems to work smarter. Join Banker's Toolbox and DataVisor for a free webinar, where you’ll learn how AI is becoming a part of the AML world and how to leverage artificial intelligence in your BSA program. We will discuss:

                • How you can leverage AI in AML
                • The different types of machine learning and how they apply to AML/detecting suspicious activity
                • How AI/machine learning can improve your current processes
                • Implementing AI systems while ensuring regulatory compliance

                Register Here.

                  Demo | Overview of Verafin’s risk-based AML approach that aligns with the FFIEC Exam Manual

                  Benefits of Automating your CDD Process with Verafin
                  September 05 at 12:30 PM - 01:30 PM EST

                  A critical first step to prepare for your next exam is assessing your current CDD processes — whether they are manual or automated — to ensure that they align with the exam requirements for collecting customer information at account opening, risk profiling, high-risk customer management, and ongoing transaction monitoring.

                  Has your institution considered the benefits of completely automating your end-to-end CDD process by using software? Verafin allows you to understand your customer’s risk at every aspect of their lifecycle to provide an accurate picture of your institution’s risk profile — while ensuring complete compliance with the FFIEC CDD requirements.

                  Join us as we demonstrate how Verafin’s AML approach aligns with CDD requirements as outlined in the FFIEC Exam Manual and is the optimal solution for end-to-end due diligence to help you meet examiner expectations for CDD/EDD and ongoing monitoring of higher-risk customers.

                  Highlights of this product demonstration will include:

                  • Review of FFIEC CDD Exam procedures for Customer Due Diligence, Customer Risk Profile, and Customer Information – Risk-based Procedures, including Higher Risk Profile Customers, Ongoing Monitoring of Customer Relationships
                  • Overview of Verafin’s risk-based AML approach that aligns with the FFIEC Exam Manual for Customer Due Diligence including:
                  • Account Opening Questionnaire to collect information to uncover high-risk categories of customers and establish baseline activity for ongoing monitoring.
                  • Identification of Risk Factors from integrated AOQ, open-source data enrichment, and targeted analytics to find higher risk customers you are not able to identify.
                  • Configurable Risk Models that allow for appropriate assessment based on your institution’s risk appetite, and intelligent segmentation that categorizes and stratifies customer risk profiles for more accurate institutional risk profile.
                  • Targeted Transaction Monitoring for High-Risk Categories to help identify activity that may pose a greater risk to your institution, and customer’s that may require enhanced due diligence.
                  • EDD workflow to help alleviate the challenges of maintaining and updating information throughout the lifecycle of a customer.

                  Register now: https://verafin.com/event/benefits-automating-cdd-process-verafin-2/?src=CBANC

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                    AML Monitoring System

                    Employee at a bank ($5.7BUSA)

                    We have been developing the AML monitoring system for some time and we are about to go live. I'm wondering how other Bank's are reviewing alerts and if there are templates you are utilizing when reviewing such alert that you are willing to share.

                    Thanks

                      Webinar | Key Considerations for your BSA/AML Compliance Program

                      New FFIEC Exam Procedures for Customer Due Diligence
                      August 29 at 12:30 PM - 01:30 PM EST

                      On May 11, 2018, the FFIEC released new Customer Due Diligence Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule.

                      These updates detail how financial institutions must establish appropriate risk-based CDD procedures to understand the nature and purpose of their customer relationships. By following this risk-based approach, institutions develop and maintain an accurate customer risk profile with an increased focus on higher-risk customers and incorporate ongoing monitoring for enhanced due diligence and suspicious activity monitoring.

                      Join us for this educational webinar, as we discuss the updated FFIEC Exam Procedures for Customer Due Diligence and outline key considerations for your BSA/AML Program as you prepare for your next examination.

                      Highlights of this educational webinar will include:

                      • Discussion on the challenges of meeting regulatory expectations for CDD with a focus on higher risk customers.
                      • Overview of CDD Requirements according to the FFIEC Exam Manual:
                      • Customer Due Diligence including the impact of the new CDD Rule, Ultimate Beneficial Ownership, and Guidance on CDD
                      • Customer Risk Profile including the importance of proper identification and assessment of risk
                      • Customer Information – Risk-based Procedures including Higher Risk Profile Customers and Ongoing Monitoring of Customer Relationships
                      • Enhanced Due Diligence for Higher Risk Customers including the spectrum of risk within categories of customers and risk mitigation through ongoing monitoring.
                      • Key considerations for your BSA/AML program in preparation for your next examination.

                      Register now: https://verafin.com/event/new-ffiec-exam-procedures-customer-due-diligence-2/?src=CBANC

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                        Webinar Series On Demand | Intelligent Segmentation: A New Approach to Identify, Monitor & Manage High-Risk Customers.

                        Special BSA/AML Webinar Series

                        Every financial institution is under regulatory pressure to identify, monitor and manage high-risk customer types, such as Privately-Owned ATMs, MSBs, MRBs and NGOs and more, as outlined in the FFIEC BSA Exam Manual.

                        In this webinar series, we will explore the challenges of identifying, monitoring and reviewing high-risk customers and discuss the risk factors of each group. Learn how Verafin’s end-to-end approach to Intelligent Segmentation eliminates manual processes, reduces costs and strengthens compliance with identification, risk scoring and targeted monitoring tailored specifically for each high-risk customer category.

                        Watch now: https://verafin.com/bsa-aml-webinar-series/?src=CBANC

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                          Free Webinar: Gain Time and Resources With Suspicious Activity Monitoring Services

                          Tuesday, July 31st - 1:00-2:00 PM CT

                          With increased regulatory expectations and dwindling resources, you may be feeling that you are stuck having to do more with less. In this webinar learn how the Banker’s Toolbox Professional Services team can help your team review alerts, work cases, file SARs, perform lookbacks, EDD reviews and more. Let us be your partner in success and help you tackle the work required to comply with regulatory guidelines and stay on top of industry trends.

                          • Understand the importance of keeping up with alerts in order to comply with regulatory guidelines
                          • Learn how Banker’s Toolbox Professional Services Team can help you and your institution manage your alerts and periodic reviews
                          • Explore examples of how our experts have helped financial institutions to better manage their workload

                          Register Here.

                            FS-ISAC: Third Parties “Still a Big Risk”

                            Good morning, Bankers! Today we are discussing the findings in the FS-ISAC's June Risk Summary Report. This post originally appeared on the Ncontracts blog.

                            FS-ISAC: Third Parties “Still a Big Risk”

                            Financial institutions need to continue to pay close attention to third-party access points, control objectives, reporting, monitoring, and gap analysis for the foreseeable future, according to an article in the Financial Services Information Sharing and Analysis Center’s (FS-ISAC) June Risk Summary Report...

                            READ THE FULL ARTICLE: Download the attached PDF

                              DEMO - July 10 | Benefits of Automating your CDD Process

                              End-to-End CDD/EDD, Customer Risk Profiling, High-Risk Customer Management & Ongoing Monitoring

                              July 10 - 12:30PM EST

                              A critical first step to prepare for your next exam is assessing your current CDD processes — whether they are manual or automated — to ensure that they align with the exam requirements for collecting customer information at account opening, risk profiling, high-risk customer management, and ongoing transaction monitoring.

                              Has your institution considered the benefits of completely automating your end-to-end CDD process by using software? Verafin allows you to understand your customer’s risk at every aspect of their lifecycle to provide an accurate picture of your institution’s risk profile — while ensuring complete compliance with the FFIEC CDD requirements.

                              Join us on July 10 as we demonstrate how Verafin’s AML approach aligns with CDD requirements as outlined in the FFIEC Exam Manual and is the optimal solution for end-to-end due diligence to help you meet examiner expectations for CDD/EDD and ongoing monitoring of higher-risk customers.

                              Highlights of this product demonstration will include:

                              Review of FFIEC CDD Exam procedures for Customer Due Diligence, Customer Risk Profile, and Customer Information – Risk-based Procedures, including Higher Risk Profile Customers, Ongoing Monitoring of Customer Relationships

                              Overview of Verafin’s risk-based AML approach that aligns with the FFIEC Exam Manual for Customer Due Diligence including:

                              • Account Opening Questionnaire to collection information to uncover high-risk categories of customers and establish baseline activity for ongoing monitoring.
                              • Identification of Risk Factors from integrated AOQ, open-source data enrichment, and targeted analytics to find higher risk customers you are not able to identify.
                              • Configurable Risk Models allows for appropriate assessment based on your institution’s risk appetite, and intelligent segmentation categorizes and stratifies customer risk profiles for more accurate institutional risk profile.
                              • Targeted Transaction Monitoring for High-Risk Categories to help identify activity that may poses a greater risk to your institution and customer’s that may require enhanced due diligence.
                              • EDD workflow to help alleviate the challenges of maintaining and updating information throughout the lifecycle of a customer.

                              Register now on verafin.com: https://verafin.com/event/benefits-automating-cdd-process-verafin/?src=cbanc

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                                Demo | Benefits of Automating your CDD Process with Verafin

                                End-to-End CDD/EDD, Customer Risk Profiling, High-Risk Customer Management & Ongoing Monitoring

                                July 10 at 12:30 PM - 01:30 PM EST

                                A critical first step to prepare for your next exam is assessing your current CDD processes — whether they are manual or automated — to ensure that they align with the exam requirements for collecting customer information at account opening, risk profiling, high-risk customer management, and ongoing transaction monitoring.

                                Has your institution considered the benefits of completely automating your end-to-end CDD process by using software? Verafin allows you to understand your customer’s risk at every aspect of their lifecycle to provide an accurate picture of your institution’s risk profile — while ensuring complete compliance with the FFIEC CDD requirements.

                                Join us on July 10 as we demonstrate how Verafin’s AML approach aligns with CDD requirements as outlined in the FFIEC Exam Manual and is the optimal solution for end-to-end due diligence to help you meet examiner expectations for CDD/EDD and ongoing monitoring of higher-risk customers.

                                Highlights of this product demonstration will include:

                                • Review of FFIEC CDD Exam procedures for Customer Due Diligence, Customer Risk Profile, and Customer Information – Risk-based Procedures, including Higher Risk Profile Customers, Ongoing Monitoring of Customer Relationships
                                • Overview of Verafin’s risk-based AML approach that aligns with the FFIEC Exam Manual for Customer Due Diligence including:
                                • Account Opening Questionnaire to collection information to uncover high-risk categories of customers and establish baseline activity for ongoing monitoring.
                                • Identification of Risk Factors from integrated AOQ, open-source data enrichment, and targeted analytics to find higher risk customers you are not able to identify.
                                • Configurable Risk Models allows for appropriate assessment based on your institution’s risk appetite, and intelligent segmentation categorizes and stratifies customer risk profiles for more accurate institutional risk profile.
                                • Targeted Transaction Monitoring for High-Risk Categories to help identify activity that may poses a greater risk to your institution and customer’s that may require enhanced due diligence.
                                • EDD workflow to help alleviate the challenges of maintaining and updating information throughout the lifecycle of a customer.

                                Register now: https://verafin.com/event/benefits-automating-cdd-process-verafin/?src=CBANC

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