TOPIC: Money Service Business

Archived Webinar | How do you find your high-risk customers? - Watch Now

Archived Webinar
How do you find your high-risk customers?
Eliminate Manual Processes for Identifying Private ATM Owners, MSBs, NGOs, MRBs, CIBs, and more

Originally Presented: July 31, 2019

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Financial institutions invest significant time and resources into identifying customers in high-risk categories, such as Private ATM Owners, Money Service Businesses (MSBs), Marijuana-Related Businesses (MRBs), Non-Governmental Organizations or Charities (NGOs), Cash Intensive Businesses (CIBs), and more.

Unfortunately, for most compliance professionals these processes are primarily manual today. Continuously updating and reviewing reports and spreadsheets can hinder your ability to meet examiners expectations, fulfill compliance requirements, and follow your institution’s policies for uncovering high-risk customers.

Join us to learn how to alleviate manual processes for identifying higher-risk customers, automate due diligence processes, and strengthen your overall compliance program.

Highlights of this webinar:
  • Review of CDD/EDD requirements and expectations for higher-risk categories of customers as outlined in the FFIEC BSA/AML Examination Manual.
  • Discussion on the challenges and potential risks of conventional processes for manually identifying and managing high-risk customers.
  • Overview of new technology approaches with targeted monitoring for risk factors, alerting you to unidentified higher-risk categories.
Watch Now

    Educational Webinar | How do you find your high-risk customers? - Join us July 31

    July 31 at 12:30 PM - 01:30 PM EST
    How do you find your high-risk customers?
    Eliminate Manual Processes for Identifying Private ATM Owners, MSBs, NGOs, MRBs, CIBs, and more


    Register Now

    To identify customers in higher risk categories such as Private ATM Owners, Money Service Businesses (MSBs), Marijuana-Related Businesses (MRBs), Non-Governmental Organizations or Charities (NGOs), and Cash Intensive Businesses (CIBs), most compliance programs rely on manual processes that can cost time and strain resources.

    Join us for this presentation as we discuss how to alleviate manual processes for identifying higher-risk customers, automate due diligence processes, and strengthen your overall compliance program.

    Highlights:
    • Review of CDD/EDD requirements and expectations as outlined in the FFIEC BSA/AML Exam Manual.
    • Discussion on the challenges and of conventional processes to identify high-risk customers.
    • Overview of targeted monitoring to uncover unidentified higher-risk customers.
    Register Now

      Demonstration | End-to-End High-Risk Customer Management & CDD/EDD - Join us July 10

      July 10 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

      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 customers in high-risk categories to intelligently categorize them, and then stratifies the risk within those groups. 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

        Blog | Improving your risk-based CDD with intelligent categorization - Read the full blog now

        Blog
        Improving your risk-based CDD with intelligent categorization
        How segmentation improves both the effectiveness and efficiency of your customer due diligence procedures for higher-risk categories


        Read the full blog now

        With expanding regulatory expectations toward CDD/EDD risk management and shrinking compliance resources, the question on the minds of many BSA/AML compliance professionals is, “How can we manage this?” 
         
        The answer is by applying intelligent categorization — but what does that mean?

        Not all high-risk customers pose the same level of risk to an institution. Therefore, applying the same level of ongoing due diligence to all high-risk customers is incredibly inefficient. In this blog, you will learn how intelligent categorization allows for more tailored and effective management throughout the customer relationship, including:
        • Identification of high-risk customers and categorizing them into high-risk groups.
        • Risk Stratification to address how risk differs within each high-risk category.
        • EDD Review Workflows that centralize processes, automate tasks, and integrate with ongoing monitoring and risk assessment.
        • Surveillance that applies targeted analytics to specific groups, monitoring them for unusual activity and risk factors.
        Read the full blog now

          Demonstration | End-to-End High-Risk Customer Management & CDD/EDD - Join us today, May 29

          Today, May 29 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

          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 today as we demonstrate how Verafin groups customers in high-risk categories, stratifies the risk within those groups and, through ongoing surveillance, provides a more accurate picture of your institution’s risk profile.

          Register Now