TOPIC: Due Diligence

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


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    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
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      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

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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

        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