TOPIC: Due Diligence

Free Webinar | Considerations for Automating AML Monitoring | Earn 1 CAMS Credit

Friday, September 20, 2019
2:00 PM ET / 1:00 PM CT
Presented by Kevin Gulledge, CAMS
Register today! 

Financial institutions have many choices when it comes to AML solutions. These solutions can be very complex in nature, or they can sometimes be very basic. Join us for this free webinar where we will discuss the top issues that bank and credit union management faces when selecting, implementing, and using an automated AML monitoring software solution. We will look at the challenges faced by the financial institutions including discussions about policies and procedures, customer and transactional data, budget constraints, core systems, teller systems and more.
Join to learn:
  • Understand the different types of automation that can support your financial institution’s BSA/AML program
  • Identify common points of failure that institutions may have in implementing a solution along with recommended solutions
  • Explain the implications that your BSA Program and Policies and Procedures may have on vendor or software selection
Save your seat! 

    MSB Security Deposit

    SVP at a bank ($3.3BUSA)
    Would like to get a poll as to what other banks may require to be on deposit when banking an MSB to cover possible chargebacks after or when a MSB relationship ends. We currently have several MSBs that we do not require any sort of deposit and are concerned that should we or the MSB close the relationship, how do we ensure we get covered for any possible chargebacks that may come after the accounts are all closed?

    Comments/thoughts???

      Demonstration | End-to-End High-Risk Customer Management & CDD/EDD - Join us September 11

      September 11 at 12:30 PM - 01:30 PM EST
      End-to-End High-Risk Customer Management & CDD/EDD
      Segmentation, Stratification, Surveillance & EDD Workflows for High-Risk Customers


      Register Now

      How accurate is your institution’s customer risk profile? A one-size-fits-all approach to customer risk can lead to thousands of high-risk customers being flagged for continuous review, increasing your workload.
       
      Verafin’s end-to-end solution for High-Risk Customer Management and CDD/EDD helps you effectively manage higher-risk categories of customers, including ATM Owners, MRBs, MSBs, NGOs, and more.

      Join us as we demonstrate how Verafin identifies and categorizes high-risk customers, and stratifies the risk within each category. Through ongoing surveillance, Verafin provides a more accurate picture of your institution’s risk profile to strengthen your end-to-end CDD/EDD program.

      Register Now

        Demonstration | BSA/AML Compliance and Management: Uncover Suspicious Activity & Strengthen Compliance - Join us Aug 29

        BSA/AML Compliance and Management
        Uncover Suspicious Activity & Strengthen Compliance

        August 29 at 12:30 PM - 01:30 PM EST

        Register Now

        Today’s landscape of changing regulatory requirements creates enormous pressure for compliance professionals to uncover potential money laundering and stay ahead of suspicious activity. Yet, many financial institutions still rely on legacy systems, broad rules and manual processes to manage daily compliance tasks.

        Join us as we demonstrate how Verafin’s Financial Crime Management platform uses a big data intelligence approach, leveraging artificial intelligence and machine learning to significantly reduce false positives and generate a higher quality of alerts. You’ll see how Verafin enhances anti-money laundering efforts with complete BSA/AML functionality to strengthen compliance and enhance your ability to detect, investigate and report potentially suspicious activity.

        Highlights of this software demonstration will include:
        • Risk-rated targeted BSA/AML alerts and scenarios
        • High-Risk Customer Management and end-to-end CDD/EDD
        • Alert threshold testing and performance monitoring
        • Integrated financial crime Case Management
        • Automated regulatory reporting of SARs and CTRs
        • 314(b) Information Sharing
        Register Now

          Infographic | Managing & Mitigating Risk - Challenges of CDD/EDD for Higher-Risk Customers

          Financial institutions are facing significant Customer and Enhanced Due Diligence (CDD/EDD) challenges for higher-risk categories of customers as outlined in the FFIEC BSA/AML Examination Manual.

          This infographic provides an easy-to-understand overview of high-risk customers, including expectations from examiners for risk-based procedures, a visualization of progressive methods of due diligence and suspicious activity reporting, current challenges of conventional CDD/EDD approaches, and how to strengthen compliance with an end-to-end approach to high-risk customer management.

            Demonstration | BSA/AML Compliance, Fraud Detection & High-Risk Customer Management - Join us August 21

            August 21 at 12:30 PM - 01:30 PM EST
            BSA/AML Compliance, Fraud Detection & High-Risk Customer Management
            A Consolidated Financial Crime Management Platform


            Register Now

            Today’s criminals do not limit their illicit activities to a single financial institution. More and more, multiple institutions are targeted for increasingly complex financial crimes. As these criminals evolve, traditional approaches to combat crime are largely ineffective.

            The Verafin Financial Crime Management platform includes highly targeted detection scenarios that are enriched through big data intelligence with open-source and third-party data and provides cross-institutional analysis and collaborative investigations through the power of the Verafin Cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

            Highlights of this software demonstration will include:
            • End-to-end High-Risk Customer Management and CDD/EDD
            • Targeted BSA/AML and fraud detection scenarios
            • Risk-rated alerts enriched with third-party, open-source and cloud data, and visual investigation tools
            • Cross-institutional detection and 314(b) Information Sharing 
            • Complete BSA/AML Compliance and Management with process automation
            Register Now

              Demonstration | BSA/AML Compliance and Management - Join us August 29

              BSA/AML Compliance and Management
              Uncover Suspicious Activity & Strengthen BSA/AML Compliance

              August 29 from 12:30 – 1:30 PM EST

              Register Now

              Today’s landscape of changing regulatory requirements creates enormous pressure for compliance professionals to uncover potential money laundering and stay ahead of suspicious activity. Yet, many financial institutions still rely on legacy systems, broad rules and manual processes to manage daily compliance tasks.

              Join us as we demonstrate how Verafin’s Financial Crime Management platform uses a big data intelligence approach, leveraging artificial intelligence and machine learning to significantly reduce false positives and generate a higher quality of alerts. You’ll see how Verafin enhances anti-money laundering efforts with complete BSA/AML functionality to strengthen compliance and enhance your ability to detect, investigate and report potentially suspicious activity.

              Highlights of this software demonstration will include:
              • Risk-rated targeted BSA/AML alerts and scenarios
              • High-Risk Customer Management and end-to-end CDD/EDD
              • Alert threshold testing and performance monitoring
              • Integrated financial crime Case Management
              • Automated regulatory reporting of SARs and CTRs
              • Secure 314(b) Information Sharing
              Register Now

                Infographic | Managing & Mitigating Risk - Challenges of CDD/EDD for Higher-Risk Customers

                Infographic
                Managing & Mitigating Risk
                Challenges of CDD/EDD for Higher-Risk Customers


                View Now

                “Although any type of customer account is potentially vulnerable to money laundering or terrorist financing, by the nature of their business, occupation, or anticipated transaction activity, certain customers and entities may pose specific risks.”
                FFIEC BSA/AML Examination Manual

                This infographic provides an easy-to-understand overview of high-risk customers, including expectations from examiners for risk-based procedures, a visualization of progressive methods of due diligence and suspicious activity reporting, current challenges of conventional CDD/EDD approaches, and how to strengthen compliance with an end-to-end approach to high-risk customer management.

                View Now

                  Enhanced Due Diligence Review Process - BSA Compliance

                  Employee at a bank ($868MUSA)
                  Good afternoon Everyone!  We recently purchased and installed Jack Henry's Yellow Hammer BSA software.  As we transition to the software, we are looking to do a complete overhaul on our Enhanced Due Diligence process.  Currently, we review our highest risk clients annually or semi-annually and then monthly we review two newer high risk clients.  This review process currently involves looking at 6 months transaction history but only really reviewing the highest amounts of transactions.  We take a deep dive into what checks were deposited and who checks were written to, looking for anything abnormal.  With the new software, we are looking to change this process and letting the software look for abnormalities and only take a deep dive on the clients that scored high risk by the software.  I am wondering what other banks are doing for the EDD reviews and what your process looks like.  Any guidance you could provide would be extremely helpful!  Thank you in advance!

                    Archived Webinar | How do you find your high-risk customers? - Watch Now

                    Archived Webinar
                    How do you find your high-risk customers?
                    Eliminate Manual Processes for Identifying Private ATM Owners, MSBs, NGOs, MRBs, CIBs, and more

                    Originally Presented: July 31, 2019

                    Watch Now

                    Financial institutions invest significant time and resources into identifying customers in high-risk categories, such as Private ATM Owners, Money Service Businesses (MSBs), Marijuana-Related Businesses (MRBs), Non-Governmental Organizations or Charities (NGOs), Cash Intensive Businesses (CIBs), and more.

                    Unfortunately, for most compliance professionals these processes are primarily manual today. Continuously updating and reviewing reports and spreadsheets can hinder your ability to meet examiners expectations, fulfill compliance requirements, and follow your institution’s policies for uncovering high-risk customers.

                    Join us to learn how to alleviate manual processes for identifying higher-risk customers, automate due diligence processes, and strengthen your overall compliance program.

                    Highlights of this webinar:
                    • Review of CDD/EDD requirements and expectations for higher-risk categories of customers as outlined in the FFIEC BSA/AML Examination Manual.
                    • Discussion on the challenges and potential risks of conventional processes for manually identifying and managing high-risk customers.
                    • Overview of new technology approaches with targeted monitoring for risk factors, alerting you to unidentified higher-risk categories.
                    Watch Now

                      Educational Webinar | How do you find your high-risk customers? - Join us July 31

                      July 31 at 12:30 PM - 01:30 PM EST
                      How do you find your high-risk customers?
                      Eliminate Manual Processes for Identifying Private ATM Owners, MSBs, NGOs, MRBs, CIBs, and more


                      Register Now

                      To identify customers in higher risk categories such as Private ATM Owners, Money Service Businesses (MSBs), Marijuana-Related Businesses (MRBs), Non-Governmental Organizations or Charities (NGOs), and Cash Intensive Businesses (CIBs), most compliance programs rely on manual processes that can cost time and strain resources.

                      Join us for this presentation as we discuss how to alleviate manual processes for identifying higher-risk customers, automate due diligence processes, and strengthen your overall compliance program.

                      Highlights:
                      • Review of CDD/EDD requirements and expectations as outlined in the FFIEC BSA/AML Exam Manual.
                      • Discussion on the challenges and of conventional processes to identify high-risk customers.
                      • Overview of targeted monitoring to uncover unidentified higher-risk customers.
                      Register Now

                        CDD/EDD Import Export Companies

                        VP at a bank ($1.5BUSA)
                        I am looking to see what if any CDD/EDD you are doing for import/export companies.  With the Amazon boom and our current influx of businesses stating they are importing and exporting goods we are finding CDD a challenge with our offices.  Several do not have locations as they are operating as brokers.  I am interesting to see if others have had an increase and what, if any, other steps you may have taken to validate that they are importing/exporting items.  
                        We do site visits and internet searches on addresses, names, vendors and their websites.


                          Demonstration | End-to-End High-Risk Customer Management & CDD/EDD - Join us June 10

                          July 10 at 12:30 PM - 01:30 PM EST
                          End-to-End High-Risk Customer Management & CDD/EDD
                          Identification, Stratification, Surveillance & EDD Workflows for High-Risk Customers


                          Register Now

                          How accurate is your institution’s customer risk profile? A one-size-fits-all approach to customer risk can lead to thousands of high-risk customers being flagged for continuous review, increasing your workload.

                          Verafin’s end-to-end solution for High-Risk Customer Management and CDD/EDD helps you effectively manage higher-risk categories of customers, including ATM Owners, MRBs, MSBs, NGOs, and more.

                          Join us as we demonstrate how Verafin identifies customers in high-risk categories to intelligently categorize them, and then stratifies the risk within those groups. Through ongoing surveillance, Verafin provides a more accurate picture of your institution’s risk profile to strengthen your end-to-end CDD/EDD program.

                          Register Now

                            Infographic | Marijuana-Related Businesses - The Risks & Rewards of Banking a Growing Industry

                            Infographic
                            Marijuana-Related Businesses
                            The Risks & Rewards of Banking a Growing Industry


                            Download Now

                            Marijuana-related businesses (MRBs) have been receiving a lot of attention lately. This growing industry is already worth $7 billion in the U.S., with that value projected to more than quadruple over the next 8 years, creating many questions for financial institutions around banking MRBs.

                            This infographic provides a handy introduction to the world of MRBs, quickly mapping marijuana law by state, examining the number of businesses that have been flagged as marijuana-related in the Verafin Cloud to date, and offering insight into identifying and assessing related compliance risk.

                            Download Now

                              Demonstration | End-to-End High-Risk Customer Management & CDD/EDD - Join us July 10

                              July 10 at 12:30 PM - 01:30 PM EST
                              End-to-End High-Risk Customer Management & CDD/EDD
                              Identification, Stratification, Surveillance & EDD Workflows for High-Risk Customers


                              Register Now

                              How accurate is your institution’s customer risk profile? A one-size-fits-all approach to customer risk can lead to thousands of high-risk customers being flagged for continuous review, increasing your workload.
                               
                              Verafin’s end-to-end solution for High-Risk Customer Management and CDD/EDD helps you effectively manage higher-risk categories of customers, including ATM Owners, MRBs, MSBs, NGOs, and more.

                              Join us as we demonstrate how Verafin identifies customers in high-risk categories to intelligently categorize them, and then stratifies the risk within those groups. Through ongoing surveillance, Verafin provides a more accurate picture of your institution’s risk profile to strengthen your end-to-end CDD/EDD program.

                              Register Now