BlogOptimizing high-risk customer management and ongoing due diligenceHow end-to-end AML technology improves the effectiveness of high-risk customer monitoring in a complex BSA/AML risk environment
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An already challenging BSA/AML compliance risk environment continues to grow in complexity. When FinCEN’s Final Customer Due Diligence (CDD) Rule came into effect in May 2018, covered FIs were required to update policies and procedures to ensure Beneficial Ownership information is collected for new relationships on a go-forward basis.
In this blog, we outline how a risk-based approach to compliance goes far beyond collecting information at account opening, and why FIs must understand high-risk customer relationships, such as ATM Owners, MSBs, MRBs, NGOs, etc., throughout their lifecycle.
Read about the challenges of High-Risk Customer Management and how a technology platform that uses Intelligent Categorization can help FIs establish an end-to-end, risk-based approach to BSA/AML compliance that includes Identification, Risk Stratification, EDD Review Workflows, and ongoing Surveillance for powerful, more efficient due diligence for higher-risk customers.Read the full blog now