TOPIC: Due Diligence

Webinar - Banking Marijuana Related Businesses - Join us on March 13

Banking Marijuana Related Businesses
Regulatory & Due Diligence Challenges for Financial Institutions
March 13 from 12:30 – 1:30 PM EST

Register now: https://verafin.com/event/banking-marijuana-related-businesses-3/?src=CBANC

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 an 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.

Register now: https://verafin.com/event/banking-marijuana-related-businesses-3/?src=CBANC

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    Sneak Peek at FRAMLxTour Hot Topics - Join us at a Seminar Near You

    2019 Fraud Detection & AML Regional Seminars
    Join us for this complimentary event at a location near you: https://verafin.com/regional-seminars/?src=cbanc

    The 2019 FRAMLx Tour is coming to a city near you! Join expert speakers at this industry-wide event as we discuss emerging trends and cutting-edge technology in the fight against financial crime. Topics at this year’s complimentary regional seminars will include:

    Combatting Crime Rings

    • Walk through a real-life crime ring involving at least 32 institutions, across 5 states, and involving 29 risky accounts. See firsthand how a collaborative approach enabled by 314(b) information sharing improves reporting to law enforcement.

    Fraud Trends & Technology

    • Learn about emerging fraud trends, including Synthetic Identity Fraud, Online Account Takeover, and Employee Fraud. See how technology like Machine Learning helps improve detection and mitigate losses from evolving illicit activity.

    Managing & Monitoring High-Risk Customers

    • Enjoy an illuminating discussion on due diligence requirements for categories of high-risk customers in the year following the final CDD rule. Exploring CDD/EDD challenges for Marijuana-Related Businesses, Private ATM Owners, Money Service Businesses, Non-Governmental Organizations and Charities, Cash Intensive Businesses, and more.

    Join us for this complimentary event at a location near you: https://verafin.com/regional-seminars/?src=cbanc

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      BSA/AML Compliance, Fraud Detection & High-Risk Customer Management - Join us on Feb. 27

      A Consolidated Solution to Fight Financial Crime
      February 27 at 12:30 PM - 01:30 PM EST

      Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management-2/?src=cbanc

      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.

      Single institutions with siloed departments lack the visibility necessary to see the bigger picture, often seeing only a very small component of the crime within their data. These isolated teams often deploy point solutions that use broad rules in an attempt to catch suspicious or fraudulent activity – an approach that perpetuates the industry-wide problem of false positives. The solution? Working together to fight crime, in the same way criminals work together to exploit victims and institutions.

      So, why choose Verafin?

      Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

      • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customer Due Diligence Questionnaire, high-risk customer identification analytics, stratified risk-models for high-risk customers and automated risk-reviews.
      • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
      • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
      • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.
      • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.

      Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management-2/?src=cbanc

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        End-to-End High-Risk Customer Management & CDD/EDD. Join us Feb. 13

        February 13 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: https://verafin.com/event/end-to-end-high-risk-customer-management-cdd-edd/?src=cbanc

        How effective is your institution’s high-risk customer management program? From identification to assessment, to continuous review and monitoring — current approaches to CDD/EDD for high-risk customers often involve manual, disconnected processes. High-risk customers go undetected as institutions rely solely on account opening questionnaires or keyword searches. In addition, using broad risk models can result in too many high-risk customers. This increases the workload on compliance teams that manage their EDD reviews manually.

        In general, CDD/EDD and high-risk customer management is being done in a way which results in process inefficiencies, wasted time and increased cost.

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

        Join us as product experts demonstrate how Verafin identifies risk factors to group customers in high-risk categories, stratifies the risk within those groups and, through ongoing high-risk customer surveillance, provides a more accurate picture of your institution’s risk profile.

        Highlights from this product demonstration will include:

        • Configurable Account Opening Questionnaire to standardize the initial collection and ongoing updating of due diligence-related information, as well as automated risk assessment at account opening.
        • Intelligent Risk Categorization with high-risk-customer finders that alert you to categories of customers who did not self-identify at account opening, including MSBs, NGOs, MRBs, ATM Owners, and more.
        • Configurable Risk Models allowing 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.
        • Stratified Risk Models to group customers into high-risk categories, including NRAs, NGOs, CIBs, etc., and to stratify risk within those categories to help you focus your limited time and resources on customers that pose the greatest risk to your institution.
        • Ongoing Surveillance with targeted monitoring of HRCs, for triggering events that may warrant enhanced due diligence, and for updates to customer information or risk score.
        • CDD/EDD Workflow to streamline your customer risk management processes with convenient workflows to manage alerts on high-risk customers, upcoming reviews, and cases.

        Register now: https://verafin.com/event/end-to-end-high-risk-customer-management-cdd-edd/?src=cbanc

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          Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses - Join us on Feb. 14

          Webinar
          February 14 at 12:30 PM - 01:30 PM EST
          Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses

          Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

          In this digital age, vast amounts of compromised customer information from data breaches and fraud scams is readily available for purchase on the dark web. To further their illicit schemes, fraudsters can use your customer’s personal and financial information to create fictional or partially fabricated identities in an emerging trend known as synthetic identity fraud.

          With combinations of fake and real identifying information, fraudsters use these synthetic identities to apply for new accounts, products or auto loans. Crime rings often utilize synthetic identities in large, ongoing financial fraud schemes, repeating these crimes at multiple institutions, exponentially increasing the potential for loss.

          Join us as we discuss the challenges facing financial institutions when combatting synthetic identity fraud in various forms of financial crime, such as loan fraud, deposit fraud, electronic transfer fraud, and new account fraud.

          In this presentation we will discuss:

          • The scale of synthetic identity fraud and how it relates to other financial crimes
          • Common ploys fraudsters use to commit synthetic identity fraud
          • Challenges facing financial institutions to mitigate fraud losses involving synthetic identity fraud and other evasion methods
          • Real-life examples of fraud schemes and crime rings employing synthetic identity fraud and related illicit activities
          • Best practices and innovative approaches for fraud detection and investigation

          Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

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            End-to-End High-Risk Customer Management & CDD/EDD. Join us Feb. 13

            February 13 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: https://verafin.com/event/end-to-end-high-risk-customer-management-cdd-edd/?src=cbanc

            How effective is your institution’s high-risk customer management program? From identification to assessment, to continuous review and monitoring — current approaches to CDD/EDD for high-risk customers often involve manual, disconnected processes. High-risk customers go undetected as institutions rely solely on account opening questionnaires or keyword searches. In addition, using broad risk models can result in too many high-risk customers. This increases the workload on compliance teams that manage their EDD reviews manually.

            In general, CDD/EDD and high-risk customer management is being done in a way which results in process inefficiencies, wasted time and increased cost.

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

            Join us as product experts demonstrate how Verafin identifies risk factors to group customers in high-risk categories, stratifies the risk within those groups and, through ongoing high-risk customer surveillance, provides a more accurate picture of your institution’s risk profile.

            Highlights from this product demonstration will include:

            • Configurable Account Opening Questionnaire to standardize the initial collection and ongoing updating of due diligence-related information, as well as automated risk assessment at account opening.
            • Intelligent Risk Categorization with high-risk-customer finders that alert you to categories of customers who did not self-identify at account opening, including MSBs, NGOs, MRBs, ATM Owners, and more.
            • Configurable Risk Models allowing 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.
            • Stratified Risk Models to group customers into high-risk categories, including NRAs, NGOs, CIBs, etc., and to stratify risk within those categories to help you focus your limited time and resources on customers that pose the greatest risk to your institution.
            • Ongoing Surveillance with targeted monitoring of HRCs, for triggering events that may warrant enhanced due diligence, and for updates to customer information or risk score.
            • CDD/EDD Workflow to streamline your customer risk management processes with convenient workflows to manage alerts on high-risk customers, upcoming reviews, and cases.

            Register now: https://verafin.com/event/end-to-end-high-risk-customer-management-cdd-edd/?src=cbanc

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              Is This Partnership a Right Fit? More than 50 Banks Found Out Firsthand.

              In January, 56 community banks from 20 states joined Bankers Healthcare Group for a behind-the-curtain experience at our Informational Regional Seminar in Nashville, Tenn.

              Our 75 attendees heard from BHG’s Founder/Chairman/CEO Al Crawford and c-suite leadership team in finance, credit, underwriting, compliance, marketing, sales, and analytics. This was a great opportunity for them to learn about our business model, commercial medical loan program and financial strength, and uncover new revenue opportunities for their banks.

              We had a great mix of prospective customers and current customers from some of BHG’s 940 bank partners, which gave everyone a chance to network and learn. Prospective customers love to hear about the experiences of current customers, while current customers appreciate the business and product updates, as well as the opportunity to connect with key BHG contacts.

              Our seminars are a great way to get to know BHG—and we hold them throughout the year, across the country. If you’d like to attend an upcoming seminar, please email bhgbanks@bhg-inc.com or call 877-731-6562 to get the details!

              About BHG: Bankers Healthcare Group (BHG) is the leading provider of financial solutions for licensed healthcare professionals. The company originates, underwrites and funds medical and professional loans before selling them to local banks nationwide.

              To date, BHG has underwritten nearly $15 billion in commercial loan requests with an average size of $100,000, providing a network of more than 940 U.S. community banks a source for premium loans, portfolio diversification, and competitive yields without overhead costs traditionally associated with this quality borrower. Banks purchase BHG loans through a secure, online system that allows for daily sale and delivery of loans. This has been a highly effective channel for a bank to quickly approve and purchase loans according to their underwriting standards. BHG’s 2018 sales distribution has averaged $4 million per day and new loans are posted daily.

              Pinnacle Financial Partners, Inc., and its subsidiary Pinnacle Bank hold a 49% total interest in BHG.

                End-to-End High-Risk Customer Management & CDD/EDD. Join us Feb. 13

                February 13 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: https://verafin.com/event/end-to-end-high-risk-customer-management-cdd-edd/?src=cbanc

                How effective is your institution’s high-risk customer management program? From identification to assessment, to continuous review and monitoring — current approaches to CDD/EDD for high-risk customers often involve manual, disconnected processes. High-risk customers go undetected as institutions rely solely on account opening questionnaires or keyword searches. In addition, using broad risk models can result in too many high-risk customers. This increases the workload on compliance teams that manage their EDD reviews manually.

                In general, CDD/EDD and high-risk customer management is being done in a way which results in process inefficiencies, wasted time and increased cost.

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

                Join us as product experts demonstrate how Verafin identifies risk factors to group customers in high-risk categories, stratifies the risk within those groups and, through ongoing high-risk customer surveillance, provides a more accurate picture of your institution’s risk profile.

                Highlights from this product demonstration will include:

                • Configurable Account Opening Questionnaire to standardize the initial collection and ongoing updating of due diligence-related information, as well as automated risk assessment at account opening.
                • Intelligent Risk Categorization with high-risk-customer finders that alert you to categories of customers who did not self-identify at account opening, including MSBs, NGOs, MRBs, ATM Owners, and more.
                • Configurable Risk Models allowing 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.
                • Stratified Risk Models to group customers into high-risk categories, including NRAs, NGOs, CIBs, etc., and to stratify risk within those categories to help you focus your limited time and resources on customers that pose the greatest risk to your institution.
                • Ongoing Surveillance with targeted monitoring of HRCs, for triggering events that may warrant enhanced due diligence, and for updates to customer information or risk score.
                • CDD/EDD Workflow to streamline your customer risk management processes with convenient workflows to manage alerts on high-risk customers, upcoming reviews, and cases.

                Register now: https://verafin.com/event/end-to-end-high-risk-customer-management-cdd-edd/?src=cbanc

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                  [Topics Announced for Regional Seminars] Collaborative Investigations, Cross-Channel Fraud, Managing & Monitoring Risk and more

                  Verafin is pleased to announce the session topics for our complimentary fraud detection and AML regional seminars. Join industry and product experts as they discuss current trends in financial crime and the latest advances in banking technology at a location near you.

                  Register now: https://verafin.com/regional-seminars/?src=cbanc

                  Session Topics

                  Collaborative Investigations 
                  Combatting Crime Rings & Organized Illicit Activity
                  This session will provide an overview of industry approaches to combatting complex criminal activity spanning multiple institutions, along with a walkthrough of real-life cases of multi-institution crime rings involving fraud and money laundering. 
                    
                  The Evolution of Cross-Channel Fraud
                  Emerging Trends & New Technologies
                  This session will focus on the growing threat to financial institutions and customers from fraudsters, including a discussion on mitigation strategies, best practices, and new technologies to prevent losses and gain efficiencies in fraud detection and management. 
                    
                  Managing and Monitoring Risk
                  High-Risk Customer Management & CDD/EDD
                  This session will outline the challenges facing financial institutions in an increasingly complex BSA/AML financial crimes risk management environment, with a focus on meeting requirements for customer due diligence, enhanced due diligence, and high-risk customer management.

                  Attendees will receive 5 CAMS, 6.5 CAFP, 6.5 CRCM credits, or may be eligible to receive up to  5 Continuing Professional Education (CPE) credits  towards industry accreditation programs, such as CFE and CFCS.

                  Visit the FRAMLx Tour website for more information, and keep checking back for updates on venues, speakers and agenda details.

                  Register now: https://verafin.com/regional-seminars/?src=cbanc

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                    Infographic: Marijuana-Related Businesses – The risks and rewards of banking a multi-billion-dollar industry

                    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 number 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.

                      BSA/AML Compliance, Fraud Detection & High-Risk Customer Management

                      A Consolidated Solution to Fight Financial Crime
                      January 09 at 12:30 PM - 01:30 PM EST

                      Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management/?src=cbanc

                      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.

                      Single institutions with siloed departments lack the visibility necessary to see the bigger picture, often seeing only a very small component of the crime within their data. These isolated teams often deploy point solutions that use broad rules in an attempt to catch suspicious or fraudulent activity – an approach that perpetuates the industry-wide problem of false positives. The solution? Working together to fight crime, in the same way criminals work together to exploit victims and institutions.

                      So, why choose Verafin?

                      Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

                      • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customer Due Diligence Questionnaire, high-risk customer identification analytics, stratified risk-models for high-risk customers and automated risk-reviews.
                      • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
                      • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
                      • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.
                      • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.

                      Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management/?src=cbanc

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                        Educational Seminar in Nashville, 2019

                        See why more than 925 of your peers have purchased loans from Bankers Healthcare Group, at the upcoming Nashville Info Seminar.

                        • Engaging seminar - Hear from the Founder/CEO and the c-suite leadership team in finance, credit, regulatory, marketing, sales and analytics.
                        • Understand the 5 convenient, hassle-free methods to purchase loans.
                        • Discover additional revenue opportunities for your bank:
                          • Consumer loans to licensed medical and other professionals
                          • Patient lending – connecting community banks to hospitals and surgery centers
                        • Network with key BHG personnel and other community banks from around the US.

                        Email us at bhgbanks@bhg-inc.com or call 866-461-5069 to find out the details!

                        "The BHG Info Seminar was an excellent experience. We are new to BHG, having just purchased our first loan last month. It’s was a valuable experience to have the company’s staff answer your questions and talk to other banks who have experience with BHG. I was able to learn how they manage their portfolio and loan terms. The event was first-class, all the way. I came away very impressed with BHG." – Minnesota Bank President

                        About BHG: Bankers Healthcare Group (BHG) is a well-established, direct lender that has a commercial loan program specifically tailored to the business needs of licensed healthcare and other professionals. BHG has provided over $4 billion of these originated, underwritten and funded loans to 925+ community banks throughout the US since 2001.

                          Automating BSA/AML Processes to Strengthen Compliance

                          Save time. Improve efficiency. Enhance investigations.
                          December 27 at 12:30 PM - 01:30 PM EST

                          Register now: https://verafin.com/event/automating-bsa-aml-processes-to-strengthen-compliance/?src=CBANC

                          There is enormous pressure on compliance professionals to uncover potential money laundering, and keep up with changing regulatory requirements. This becomes even more challenging as you layer on internal policies to be followed, manual processes to manage, and endless daily tasks to complete.

                          The right BSA/AML solution can help improve your customer knowledge, better assess your risk, and enhance your ability to detect and report potentially suspicious activity

                          Join us as we take a deep dive into Verafin’s BSA/AML software that includes time-saving tools and technology to increase your overall efficiency, ultimately strengthening your overall compliance program.

                          Highlights of this software demonstration will include:

                          • Automated regulatory reporting of SARs and CTRs, workflow dashboards, customized reporting, risk-rating and more.
                          • Integrated Case Management to create a case directly from an alert, attach applicable files, link entities and related suspicious activity, and fully document your investigation.
                          • End-to-End CDD/EDD and High-Risk Customer Management including Account Opening Questionnaire, stratified risk-models for high-risk customers, ongoing monitoring and automated risk-reviews.
                          • Risk-rated BSA/AML alerts and scenarios including monitoring for money laundering, structuring, international activity, human trafficking and more.
                          • 314(b) Information Sharing & Collaboration tools to connect you with investigators at other institutions through 314(b) information sharing, and help you get a complete picture of customer activity.

                          Register now: https://verafin.com/event/automating-bsa-aml-processes-to-strengthen-compliance/?src=CBANC