TOPIC: Due Diligence

nContract/nVendor Procedures

VP at a bank ($431MUSA)
For those FI's that use nVendor for Vendor Management, have you created any of the following that you'd be willing to share: 

  • Update of questionnaires to include assessment of SLA compliance 
  • Update of questionnaires to include assessment of Information security aspects including SDLC and Cloud Security
  • Onboarding procedures for new vendors 
  • Risk analysis for new vendors 
  • Guidance document for RM's to follow when reviewing questionnaires 
Thank you for any help you can provide. 

    Registration Open for June Virtual Tour - Join us June 7, 8 & 10 and earn up to 3 CAMS credits

    VERAFIN VIRTUAL TOUR 2021
    Fraud Detection & BSA/AML Online Events


    Verafin is proud to offer another edition of our Virtual Tour, the industry-leading online event with separate days exploring AML, Fraud, or High-Risk Customer Management. Join us daily on June 7, 8 and 10 for a 90-minute accredited session focused on one of these key themes — brought to you directly through the convenience of Zoom.

    BSA/AML Compliance & Management Session:
    Monday, June 7, 3:00pm – 4:30pm EST
    Register Now


    Fraud Detection & Management Session:
    Tuesday, June 8, 3:00pm – 4:30pm EST
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    High-Risk Customer Management Session:
    Thursday, June 10, 3:00pm – 4:30pm EST
    Register Now


    Enroll for any or all of the online events that interest you! You can expect engaging discussions on industry hot topics, expert perspectives, and exciting innovations in financial crime management — with no registration fee.

    To allow for greater flexibility and customization of your conference experience, each online event in the 2021 Verafin Virtual Tour has been individually accredited. This allows you to earn credits by attending the sessions most relevant to your interests.

    Attendees are eligible for up to 3 CAMS credits, 6 CAFP credits, 6 CRCM credits, and may be eligible for up to 4.5 Continuing Professional Education (CPE) credits towards industry accreditation programs, such as CFE and CFCS.

    To be eligible for credits, you must attend the session live. If viewing sessions as a group, all attendees must complete the registration process individually to ensure credits are issued accurately.

    Register below to save your seat for this edition of the Verafin Virtual Tour and check your inbox and the conference webpage for regular event updates.

    Register for all sessions now

      Demonstration | End-to-End High-Risk Customer Management & CDD/EDD - Join us Feb 24

      February 24 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


      High-risk customer management is a significant challenge, as financial institutions must balance the needs of their business and customers with heightened regulatory expectations for customers in high-risk categories.

      Join us as product experts demonstrate how Verafin helps you effectively manage high-risk categories of customers, including private ATM owners, Cannabis-Related Businesses (CRBs) and more. Learn how our segmented and stratified approach to risk provides a more accurate assessment of your high-risk customers — saving you valuable time and resources.

      Register Now

        Demonstration | BSA/AML Compliance and Management: Uncover Suspicious Activity & Strengthen Compliance - Join us Jan 13

        January 13 at 12:30 PM - 01:30 PM EST
        BSA/AML Compliance and Management
        Uncover Suspicious Activity & Strengthen Compliance

        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 higher quality alerts. You will 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 Customer Due Diligence/Enhanced Due Diligence (CDD/EDD)
        • Alert threshold testing and performance monitoring
        • Integrated Case Management
        • Automated regulatory reporting of SARs and CTRs
        • 314(b) Information Sharing
        Register Now

          Demonstration | BSA/AML Compliance and Management - Join us Jan 13

          January 13 at 12:30 PM - 01:30 PM EST
          BSA/AML Compliance and Management
          Uncover Suspicious Activity & Strengthen Compliance

          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 higher quality alerts. You will 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 Customer Due Diligence/Enhanced Due Diligence (CDD/EDD)
          • Alert threshold testing and performance monitoring
          • Integrated Case Management
          • Automated regulatory reporting of SARs and CTRs
          • 314(b) Information Sharing
          Register Now

            BSA Concerns for Int'l wire- NextGen

            Employee at a bank ($449MUSA)
            Looking to see if anyone is familiar with, or have customers sending wires to, NextGen Drafted LLC or Next Gen Kasa LLC?  (Next Gen Venture Partners)

            Our customer previously sent an International Wire to invest with this US based company, and now almost a year later the name of the company and country of the account have changed. (High risk AML countries.)  TIA 

              CDD Checklist | Free Download

              Customer Due Diligence (CDD) is commonly known as the fifth pillar of Bank Secrecy Act (BSA) compliance. Your CDD program should be risk-focused, and periodic risk enhanced due diligence (EDD) reviews should be conducted for higher risk customers and entities. CDD can seem overwhelming for institutions with a limited budget. However, regulatory guidance is improving and should be used to help evade CDD findings.

              This whitepaper outlines four key strategies for financial institutions to leverage to enhance their CDD program prior to upcoming exams. 

              Download this whitepaper to learn:
              • How to assess higher-risk customers
              • How to map and analyze processes to identify opportunities for efficiency gain 
              • How to address gaps within the current processes and enhance procedures
              Download the attached CDD/EDD checklist for additional guidance on a strong CDD program.

                Due Diligence - Lending Background Checks

                AVP at a bank ($1.5BUSA)
                Hello all - 

                Wondering if any of you run background checks, or enhanced Google searches of your lending applicants? If so, would any of you be willing to share your guidelines on what you consider a disqualifier? We attempted to start with the SBA SOPs but they weren't very helpful as there wasn't much detail outside of have you been convicted previously or arrested in the past 6 months. 

                Thank you,
                Angelina

                  Webinar - 1 CAMS Credit | 2020 Crime Trends & Technology: A Year in Review - Join us Dec 3

                  Webinar
                  December 03 at 12:30 PM - 01:30 PM EST
                  2020 Crime Trends & Technology: A Year in Review
                  What’s on the Horizon for Fraud & BSA/AML in 2021?
                  A Special Presentation by Verafin Industry Experts

                  1 CAMS credit

                  Register Now

                  From the unprecedented impact of the COVID-19 crisis to the historic 50-year anniversary of the BSA, 2020 has been a defining year in financial crime management. With year-end approaching, now is the time to reflect on lessons learned and the road ahead for 2021.

                  Join us for a special CAMS-accredited, year-end webinar as experts discuss key trends from 2020, such as COVID-19-related fraud schemes, online account takeover, and recent industry calls to modernize the BSA/AML regime, as well as potential challenges for 2021 and the role of technology in mitigating financial crime.

                  Register Now

                  Verafin will provide attendees with a certificate of attendance for 1 CAMS Credit. Attendees are responsible for submission of the certificate and reporting of credits to ACAMS.

                    Strategic Due Diligence on Higher Risk Customers | Free Webinar | Earn 1 CAMS credit, 1.25 CAFP, CERP, & CRCM credits

                    Monday, November 30, 2020
                    2:00 PM ET / 1:00 PM CT
                    Register

                    Conducting Due Diligence is nothing new for BSA professionals, but the events of 2020 made compliance professionals across the country view the requirement in a whole new light. What has the industry learned about strategic Due Diligence in 2020 and how can we use that intelligence to improve our compliance programs in the new year? Join this session to learn the latest on CDD, EDD, and best practices for Due Diligence in an increasingly digital world. 

                    Join this session to learn:
                    • How Due Diligence has changed in 2020, and how can it be strategic? 
                    • What gaps you may have in your current Due Diligence program  
                    • Best practices for Due Diligence in an increasingly digital world 
                    • What you can do to improve your Due Diligence in 2021 
                    This session is eligible for 1.25 credits CAFP, CERP, & CRCM

                    Click here to secure your seat! 

                      Estate Account Opening Due Diligence

                      AVP at a bank ($229MUSA)
                      I am newer to Compliance and BSA. I have a question regarding opening an estate account. For the due diligence on new customers we fill our due diligence forms. We have a personal form and a business form. What should be used for an estate account? Also, do we need to fill one out for each individual listed on the account? 

                        Demonstration | End-to-End High-Risk Customer Management & CDD/EDD - Join us Oct 28

                        October 28 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


                        High-risk customer management is a significant challenge for financial institutions, and conventional Customer Due Diligence/Enhanced Due Diligence (CDD/EDD) approaches often result in process inefficiencies, increased costs, and potential gaps in compliance programs.

                        Join our engaging product experts for an in-depth demonstration of Verafin’s end-to-end High-Risk Customer Management solution, including identification and segmentation of high-risk customers, risk stratification, ongoing customer surveillance and EDD workflows.

                        Register Now

                          Safe Deposit Box Customer Due Diligence

                          Manager at a bank ($1.8BUSA)
                          Does anyone have any specific customer due diligence questions that they ask of safety deposit box renters other than regular things like: employer/occupation, PEP, resides in trade area, involved in CBD/hemp/MRB, type of business (if commercial)?
                          I am putting together a new customer due diligence questionnaire and I have questions that are geared towards other account types, just not safe deposit boxes.

                            CDD/EDD questionnaire for new personal accounts

                            Manager at a credit_union ($1.8BUSA)
                            Does anyone complete CDD/EDD questionnaires for new personal accounts?   If you do, do you also complete the questionnaire for accounts opened at indirect dealerships, online account opening, accounts opened by business development officers?  We are looking for a questionnaire and process for CDD questionnaire for indirect, online and business development.  If you have information to share I would greatly appreciate it.  Thank you