TOPIC: Due Diligence

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


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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.
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    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


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      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.

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

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


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        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.

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          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

            Webinar | Banking Marijuana Related Businesses - Join us June 26

            June 26 at 12:30 PM - 01:30 PM EST
            Banking Marijuana Related Businesses
            Regulatory & Due Diligence Challenges for Financial Institutions


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            As the cannabis industry continues to grow in the US, financial institutions are facing increased regulatory uncertainty and due diligence challenges for banking Marijuana-Related Businesses (MRBs).

            Join us for this educational webinar, during which we will cover: 
            • Highlights from FinCEN Guidance on Marijuana-Related Businesses
            • Challenges of Customer Due Diligence for high-risk customers, including direct and indirect cannabis companies 
            • Technology to improve due diligence and compliance processes for MRBs.
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              CDD: One Year Later | Survey Request

              It's officially been one year since the CDD rule went into affect. Have you had an exam since then? What aspects of CDD and beneficial ownership, if any, did the examiner focus on? 

              We're doing a short survey on the impact CDD is having on recent exams and would appreciate if you could take a few minutes to fill it out. We're happy to share the results if you participate. 

              Thank you! 

              Survey: https://www.surveymonkey.com/r/QCJ33BN

                Blog | Improving your risk-based CDD with intelligent categorization - Read the full blog now

                Blog
                Improving your risk-based CDD with intelligent categorization
                How segmentation improves both the effectiveness and efficiency of your customer due diligence procedures for higher-risk categories


                Read the full blog now

                With expanding regulatory expectations toward CDD/EDD risk management and shrinking compliance resources, the question on the minds of many BSA/AML compliance professionals is, “How can we manage this?” 
                 
                The answer is by applying intelligent categorization — but what does that mean?

                Not all high-risk customers pose the same level of risk to an institution. Therefore, applying the same level of ongoing due diligence to all high-risk customers is incredibly inefficient. In this blog, you will learn how intelligent categorization allows for more tailored and effective management throughout the customer relationship, including:
                • Identification of high-risk customers and categorizing them into high-risk groups.
                • Risk Stratification to address how risk differs within each high-risk category.
                • EDD Review Workflows that centralize processes, automate tasks, and integrate with ongoing monitoring and risk assessment.
                • Surveillance that applies targeted analytics to specific groups, monitoring them for unusual activity and risk factors.
                Read the full blog now

                  Demonstration | BSA/AML Compliance and Management - Join us July 3

                  Demo
                  July 03 at 12:30 PM - 01:30 PM EST
                  BSA/AML Compliance and Management
                  Uncover Suspicious Activity & Strengthen Compliance


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                  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