TOPIC: Due Diligence

FDiTech - Conducting Business With Banks, A Guide for FINTECHs and Third Parties

AVP at a bank ($741MUSA)
I wish all of the FINTECHs would read this guide issued by FDiTech in conjunction with the FDIC.  Perhaps if more FINTECHs would become aware of FI needs, requirements, and compliance considerations, when I ask for certain due diligence materials I might not get the response, "Well, I have never had anyone ask me for that before."  That tired old answer from FINTECHs worn out.  I may attach a copy of this guide to future RFPs.

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

    March 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 product experts demonstrate how Verafin applies advanced analytics and Robotic Process Automation to identify risk factors and segment customers into high-risk categories, stratify the risk within those groups and, through ongoing high-risk customer surveillance, provide a more accurate picture of your institution’s risk profile, strengthening your end-to-end CDD/EDD program.

    Register Now

      Demonstration | BSA/AML Compliance and Management - Join us Feb 12

      February 12 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 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

        Demonstration | End-to-End High-Risk Customer Management & CDD/EDD - Join us Dec 12

        December 12 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 | End-to-End High-Risk Customer Management & CDD/EDD - Join us Dec 12

          December 12 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

            [Announced] 2020 Fraud Detection & AML Seminars - Registration now available

            Verafin Tour 2020
            Fraud Detection & AML Seminars


            We are pleased to announce dates and locations for our 2020 Verafin Tour. Join us for a complimentary Fraud Detection & BSA/AML Regional Seminar at the location nearest you!

            See all locations and dates

            At these free educational events, join industry and product experts as they discuss current trends in financial crime and the latest advances in banking technology. You will receive in-depth training on detection and investigation strategies to help stop financial crime.

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

            Feel free to email us at tour@verafin.com if you have questions. We look forward to seeing you there! And remember, you can always view the latest news and updates by visiting the event website.

            Register now - for free

              Demonstration | BSA/AML Compliance, Fraud Detection & High-Risk Customer Management - Join us Nov 13

              November 13 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, providing 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 Information Sharing 
              • Complete BSA/AML Compliance and Management with process automation

              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

                Download 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.

                Download Now

                  eBook | How to Effectively Manage High-Risk Customers - Four Key Areas of Focus for your End-to-End CDD/EDD Process

                  eBook
                  How to Effectively Manage High-Risk Customers
                  Four Key Areas of Focus for your End-to-End CDD/EDD Process

                  Download Now


                  The sheer number of high-risk customers that can be present at a financial institution makes ongoing assessment extremely challenging. Conventional approaches to high-risk customer management are largely manual, resulting in inefficient and ineffective processes.

                  This eBook offers valuable insights and best practices to better manage and mitigate risks associated with high-risk customers, and strengthen your overall BSA/AML program.

                  Download Now

                    FCRA & Human Resources - Procedures for Denying Applicants Due to Credit/Background

                    AVP at a bank ($3.4BUSA)
                    Good morning, 
                    Looking for any policies and procedures, training, or other resources that your institution uses that complies with the notification requirements under FCRA for taking adverse action on applicants for employment due to information in whole or in part of their credit report. Thanks in advance!

                      Demonstration | BSA/AML Compliance, Fraud Detection & High-Risk Customer Management - Join us November 13

                      Demo
                      November 13 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, providing 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 Information Sharing 
                      • Complete BSA/AML Compliance and Management with process automation
                      Register Now

                        Demonstration | End-to-End High-Risk Customer Management & CDD/EDD - Join us Oct. 30

                        October 30 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 - Join us Oct. 23

                          Demo
                          October 23 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 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

                            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???