TOPIC: BSA/AML

Banking CBD/Hemp oil customers in Ohio

Employee at a bank ($283MUSA)
I am looking for some guidance on banking customers who sell CBD oil in Ohio.  Is anyone willing to share their procedures on how they are handling this type of customer? What documentation do you require? Do you do onsite visit of the business? If so, is there a document that you use that you are willing to share? Do you file a SAR?

    Infographic - Marijuana-Related Businesses The Risks & Rewards of Banking a Growing Industry

    Marijuana-Related Businesses
    The Risks & Rewards of Banking a Growing Industry

    Download now: https://verafin.com/resource/marijuana-related-businesses/?src=cbanc

    Marijuana-related businesses (MRBs) have been receiving a lot of attention lately. This growing industry is already worth $7 Billion in the U.S., with that number projected to more than quadruple over the next 8 years, creating many questions for financial institutions around banking MRBs.

    This infographic provides a handy introduction to the world of MRBs, quickly mapping marijuana law by state, examining the number of businesses that have been flagged as MRBs in the Verafin Cloud to date, and offering insight into identifying and assessing compliance risk related to MRBs.

    Download now: https://verafin.com/resource/marijuana-related-businesses/?src=cbanc

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      Using Big Data Intelligence for Big Gains in Fighting Crime - Join us on March 6

      March 6 at 12:30 PM - 01:30 PM EST
      Using Big Data Intelligence for Big Gains in Fighting Crime
      How your Institution Can Leverage Data and Technology in the Cloud for Fraud Detection, AML and High-Risk Customer Management

      Part of a Special Series on The New Future of Fighting Crime

      Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

      Institutions are facing increased pressure to mitigate the risk of fraud and money laundering, and stay compliant. But as workload and costs increase, false positives can overwhelm already strained resources, so there is significant risk in relying on manual processes or rules-based monitoring systems.

      To effectively fight crime, investigators need to leverage vast amounts of data from numerous sources in their analysis. Verafin imports and analyzes an immense data set from multiple sources, including core data, ancillary data, open-source and third-party data, and consortium data. In fact, before Verafin it would have been unthinkable to analyze that much data. By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week, our approach reduces false positives and increases the quality of your alerts.

      Join us to learn how Verafin’s Big Data Intelligence approach keeps you ahead of fraud trends and regulatory changes, provides higher-quality, targeted alerts, and gives you a complete view of activity, including crimes that span multiple institutions.

      Highlights of this presentation will include how Verafin’s Big Data Approach helps you fight crime by:

      • Providing a complete picture of activity in a single system ensuring greater visibility of potential risks, while saving you valuable time and money.
      • Leveraging cloud technology and cross-institutional analysis to proactively detect and mitigate risk, reduce costs, and protect your customers and institution.
      • Integrating and analyzing multiple data sources to improve alert quality, such as peer profiling, high-risk customer labeling, payee confidence, and geolocation data.
      • Applying Machine Learning to learn from labeled data, further improving detection and monitoring capabilities.
      • Partnering with you to develop solutions to real-world problems with targeted, expert-driven models for Fraud Detection, AML Transaction Monitoring and High-Risk Customer Management.

      Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

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        Free Webinar: Mitigating Risk with a Solid Enterprise Risk Management Program

        Thursday, March 14 | 1 - 2 p.m. CST
        Enterprise Risk Management

        Save your spot: https://www.abrigo.com/webinars/enterprise-risk-management/

        Failing to institute a strong risk management structure is considered unsafe and unsound conduct in the business of banking. This means risk management is one of the main focuses of examiners, but one size does not fit all. The basic requirements are the same, but examiners expect more detail for larger, more complex institutions. In this webinar, learn what examiners are looking for within your institution to demonstrate strong risk management practices throughout the enterprise and what should be included in your enterprise risk management program. Discover how to ensure your enterprise risk management structure is evolving and growing to manage risk and drive growth at your institution.

        In this webinar, Jessica Caballero, CRCM will cover:

        • What key components you need in a strong enterprise risk management program.
        • What strategic management information systems are key to mitigating certain risks.
        • What examiners are looking for to ensure you have a solid risk management structure.

        Register today: https://www.abrigo.com/webinars/enterprise-risk-management/

          Collaborative Investigations: Connecting the Dots to Stop Crime - Join us on March 20

          March 20 at 12:30 PM - 01:30 PM EST
          Collaborative Investigations: Connecting the Dots to Stop Crime
          How sharing information can help provide actionable intelligence to law enforcement

          Register now: https://verafin.com/event/collaborative-investigations-connecting-the-dots-to-stop-crime/?src=cbanc

          Fraudsters and money launderers do not limit their illicit activities to a single institution. As crime rings evolve, they find new and innovative ways to avoid detection, creating challenges for financial institutions to uncover connected criminal activity.

          Collaboration is a critical tool that helps you see the complete picture of activity across multiple institutions, ultimately mitigating risk and reducing losses. Verafin combines the power of cross-institutional analysis in the cloud with collaboration tools, enabling institutions to work together to strengthen investigations into crime ring activity.

          Join us to learn how Verafin helps you connects the dots on crime with cross-institutional alerts and information sharing. Learn how our approach will warn you of potential risks or connected criminal activity that spans multiple institutions, allowing you to collaborate with investigators for stronger cases and improved reporting to law enforcement.

          Highlights of this presentation on Collaborative Investigations will include:

          • Best practices for 314(b) information sharing including collaborating on potential money laundering activity and Specified Unlawful Activities (SUAs).
          • Walk through of real-life examples of crime ring activity
          • Demonstration of crime ring detection to alert you and related institutions to connected criminal activity
          • Overview of collaboration functionality in Verafin allowing you to securing share information with other 314(b) institutions in a single integrated platform.
          • Overview of multi-institution Joint Work Product in Case Management that allows multiple investigators to contribute to a shared investigation.

          Register now: https://verafin.com/event/collaborative-investigations-connecting-the-dots-to-stop-crime/?src=cbanc

          Blob

            Using Big Data Intelligence for Big Gains in Fighting Crime - Join us on March 6

            March 6 at 12:30 PM - 01:30 PM EST
            Using Big Data Intelligence for Big Gains in Fighting Crime
            How your Institution Can Leverage Data and Technology in the Cloud for Fraud Detection, AML and High-Risk Customer Management

            Part of a Special Series on The New Future of Fighting Crime

            Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

            Institutions are facing increased pressure to mitigate the risk of fraud and money laundering, and stay compliant. But as workload and costs increase, false positives can overwhelm already strained resources, so there is significant risk in relying on manual processes or rules-based monitoring systems.

            To effectively fight crime, investigators need to leverage vast amounts of data from numerous sources in their analysis. Verafin imports and analyzes an immense data set from multiple sources, including core data, ancillary data, open-source and third-party data, and consortium data. In fact, before Verafin it would have been unthinkable to analyze that much data. By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week, our approach reduces false positives and increases the quality of your alerts.

            Join us to learn how Verafin’s Big Data Intelligence approach keeps you ahead of fraud trends and regulatory changes, provides higher-quality, targeted alerts, and gives you a complete view of activity, including crimes that span multiple institutions.

            Highlights of this presentation will include how Verafin’s Big Data Approach helps you fight crime by:

            • Providing a complete picture of activity in a single system ensuring greater visibility of potential risks, while saving you valuable time and money.
            • Leveraging cloud technology and cross-institutional analysis to proactively detect and mitigate risk, reduce costs, and protect your customers and institution.
            • Integrating and analyzing multiple data sources to improve alert quality, such as peer profiling, high-risk customer labeling, payee confidence, and geolocation data.
            • Applying Machine Learning to learn from labeled data, further improving detection and monitoring capabilities.
            • Partnering with you to develop solutions to real-world problems with targeted, expert-driven models for Fraud Detection, AML Transaction Monitoring and High-Risk Customer Management.

            Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

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              eBook - Suspicious Activity Reporting for Dummies®

              Dummies eBook
              Suspicious Activity Reporting for Dummies®

              Download now: https://verafin.com/resource/suspicious-activity-reporting-for-dummies/?src=cbanc

              Suspicious Activity Reporting for Dummies® walks you through the process of filling out your SAR accurately and efficiently and offers tips on how to spot and track potential money laundering activities.

              Look inside for helpful advice on how to make your AML workflow more efficient, save on costs, and streamline your institution’s monitoring and reporting processes with automated SAR e-filing.

              Download now: https://verafin.com/resource/suspicious-activity-reporting-for-dummies/?src=cbanc

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                Nonbank Financial Institutions - NBFIs

                SVP at a bank ($3.3BUSA)

                Looking to see what others do relative to banking independent loan/finance companies that provide lending services to customers of the independent finance customer. Lately, our bank has been opening several accounts for independent lending companies that provide lending services to help individuals purchase residential real estate for investment purposes or for the real estate to be rehabbed and "flipped." According to FinCEN guidance, these type of companies are considered to be an NBFI and are required to have an AML program in place.

                Our question is, what are other banks doing? Are you asking and requiring these types of customers to provide evidence that they have an AML program in place?

                If anyone has an opinion or comments, please share...

                  Webinar - Banking Marijuana Related Businesses - Join us on March 13

                  Banking Marijuana Related Businesses
                  Regulatory & Due Diligence Challenges for Financial Institutions
                  March 13 from 12:30 – 1:30 PM EST

                  Register now: https://verafin.com/event/banking-marijuana-related-businesses-3/?src=CBANC

                  As the cannabis industry continues to grow in the US, financial institutions are facing increased regulatory uncertainty and due diligence challenges for banking Marijuana-Related Businesses (MRBs).

                  Join us for an educational webinar, during which we will cover:

                  • Highlights from FinCEN Guidance on Marijuana-Related Businesses.
                  • Challenges of Customer Due Diligence for high-risk customers, including direct and indirect cannabis companies.
                  • Technology to improve due diligence and compliance processes for MRBs.

                  Register now: https://verafin.com/event/banking-marijuana-related-businesses-3/?src=CBANC

                  Blob

                    Jack Henry Silverlake

                    AVP at a bank ($290MUSA)

                    We just converted last week to Jack Henry Silverlake. I am looking for any BSA or similar officer that might be able to help me identify the reports I need to be looking at for BSA. We do not currently have Yellow Hammer. If you are one of these people, you can direct message me with your number and I will call you. Thank you in advance for any help you can give a poor lost BSA officer :)

                      Sneak Peek at FRAMLxTour Hot Topics - Join us at a Seminar Near You

                      2019 Fraud Detection & AML Regional Seminars
                      Join us for this complimentary event at a location near you: https://verafin.com/regional-seminars/?src=cbanc

                      The 2019 FRAMLx Tour is coming to a city near you! Join expert speakers at this industry-wide event as we discuss emerging trends and cutting-edge technology in the fight against financial crime. Topics at this year’s complimentary regional seminars will include:

                      Combatting Crime Rings

                      • Walk through a real-life crime ring involving at least 32 institutions, across 5 states, and involving 29 risky accounts. See firsthand how a collaborative approach enabled by 314(b) information sharing improves reporting to law enforcement.

                      Fraud Trends & Technology

                      • Learn about emerging fraud trends, including Synthetic Identity Fraud, Online Account Takeover, and Employee Fraud. See how technology like Machine Learning helps improve detection and mitigate losses from evolving illicit activity.

                      Managing & Monitoring High-Risk Customers

                      • Enjoy an illuminating discussion on due diligence requirements for categories of high-risk customers in the year following the final CDD rule. Exploring CDD/EDD challenges for Marijuana-Related Businesses, Private ATM Owners, Money Service Businesses, Non-Governmental Organizations and Charities, Cash Intensive Businesses, and more.

                      Join us for this complimentary event at a location near you: https://verafin.com/regional-seminars/?src=cbanc

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                        Consolidating Fraud Prevention and Management to Reduce Losses & Improve Visibility - Join us on Feb. 20

                        February 20 at 12:30 PM - 01:30 PM EST
                        Consolidating Fraud Prevention and Management to Reduce Losses & Improve Visibility
                        Cross-Channel Analytics, Big Data, and Machine Learning to Fight Fraud

                        Register now: https://verafin.com/event/consolidating-fraud-prevention-and-management-to-reduce-losses-improve-visibility/?src=cbanc

                        Financial institutions are facing common challenges in combatting fraud. Adding layers of protection to detect and prevent fraudulent activity, managing your alert volume, and reporting losses can become increasingly more difficult if there are multiple detection systems across different fraud and operational teams, and ultimately leads to a lack of visibility into your true fraud problem.

                        Verafin’s fraud prevention and management solution leverages big data intelligence to help detect emerging and evolving fraud trends by analyzing more than a billion transactions a week in the Verafin cloud. Our innovative cross-channel fraud analytics use machine learning and cross-institutional insights from across the cloud to reduce false positives and improve model performance. Verafin’s consolidated fraud solution includes centralized case management and reporting functionality, giving you the visibility you need to manage your fraud strategy across all channels.

                        Join us for this presentation as we discuss the benefits of consolidating your fraud prevention and management functions with Verafin’s Enterprise Fraud Management platform. Learn how to reduce losses, strengthen prevention efforts across all channels and departments, and enable a full picture of fraud at your institution to drive strategic decision-making.

                        Highlights of this presentation will include an overview of Verafin’s approach to financial crime management in the cloud, that leverages Big Data Intelligence, Collaborative Investigations and Visual Storytelling to help institutions keep ahead of crime, as well as:

                        • Discussion on the challenges facing financial institutions to mitigate and manage fraud:
                          evolving and emerging threats, growing volume of false positive alerts, siloed operations within institutions, and too many systems to manage fraud efficiently.

                        • Overview of Fraud Detection solutions, including real-time prevention capabilities:
                          in-clearing check fraud; mobile, in-branch, and ATM deposit fraud; wire fraud; ACH fraud; card fraud, online Banking fraud, online account takeover, and loan fraud.

                        • Review of Fraud Management solutions:
                          adaptive fraud alerts; configurable fraud reporting; performance dashboards and workforce management; and automated SAR creation and e-filing.

                        Register now: https://verafin.com/event/consolidating-fraud-prevention-and-management-to-reduce-losses-improve-visibility/?src=cbanc

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                          Using Big Data Intelligence for Big Gains in Fighting Crime - Join us on March 6

                          March 6 at 12:30 PM - 01:30 PM EST
                          Using Big Data Intelligence for Big Gains in Fighting Crime
                          How your Institution Can Leverage Data and Technology in the Cloud for Fraud Detection, AML and High-Risk Customer Management

                          Part of a Special Series on The New Future of Fighting Crime

                          Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

                          Institutions are facing increased pressure to mitigate the risk of fraud and money laundering, and stay compliant. But as workload and costs increase, false positives can overwhelm already strained resources, so there is significant risk in relying on manual processes or rules-based monitoring systems.

                          To effectively fight crime, investigators need to leverage vast amounts of data from numerous sources in their analysis. Verafin imports and analyzes an immense data set from multiple sources, including core data, ancillary data, open-source and third-party data, and consortium data. In fact, before Verafin it would have been unthinkable to analyze that much data. By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week, our approach reduces false positives and increases the quality of your alerts.

                          Join us to learn how Verafin’s Big Data Intelligence approach keeps you ahead of fraud trends and regulatory changes, provides higher-quality, targeted alerts, and gives you a complete view of activity, including crimes that span multiple institutions.

                          Highlights of this presentation will include how Verafin’s Big Data Approach helps you fight crime by:

                          • Providing a complete picture of activity in a single system ensuring greater visibility of potential risks, while saving you valuable time and money.
                          • Leveraging cloud technology and cross-institutional analysis to proactively detect and mitigate risk, reduce costs, and protect your customers and institution.
                          • Integrating and analyzing multiple data sources to improve alert quality, such as peer profiling, high-risk customer labeling, payee confidence, and geolocation data.
                          • Applying Machine Learning to learn from labeled data, further improving detection and monitoring capabilities.
                          • Partnering with you to develop solutions to real-world problems with targeted, expert-driven models for Fraud Detection, AML Transaction Monitoring and High-Risk Customer Management.

                          Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

                          Blob

                            BSA/AML Compliance, Fraud Detection & High-Risk Customer Management - Join us on Feb. 27

                            A Consolidated Solution to Fight Financial Crime
                            February 27 at 12:30 PM - 01:30 PM EST

                            Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management-2/?src=cbanc

                            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.

                            Single institutions with siloed departments lack the visibility necessary to see the bigger picture, often seeing only a very small component of the crime within their data. These isolated teams often deploy point solutions that use broad rules in an attempt to catch suspicious or fraudulent activity – an approach that perpetuates the industry-wide problem of false positives. The solution? Working together to fight crime, in the same way criminals work together to exploit victims and institutions.

                            So, why choose Verafin?

                            Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

                            • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customer Due Diligence Questionnaire, high-risk customer identification analytics, stratified risk-models for high-risk customers and automated risk-reviews.
                            • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
                            • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
                            • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.
                            • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.

                            Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management-2/?src=cbanc

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                              End-to-End High-Risk Customer Management & CDD/EDD. Join us Feb. 13

                              February 13 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: https://verafin.com/event/end-to-end-high-risk-customer-management-cdd-edd/?src=cbanc

                              How effective is your institution’s high-risk customer management program? From identification to assessment, to continuous review and monitoring — current approaches to CDD/EDD for high-risk customers often involve manual, disconnected processes. High-risk customers go undetected as institutions rely solely on account opening questionnaires or keyword searches. In addition, using broad risk models can result in too many high-risk customers. This increases the workload on compliance teams that manage their EDD reviews manually.

                              In general, CDD/EDD and high-risk customer management is being done in a way which results in process inefficiencies, wasted time and increased cost.

                              Verafin’s end-to-end solution for CDD/EDD and High-Risk Customer Management helps you effectively manage higher-risk categories of customers, including ATM Owners, MRBs, MSBs, NGOs, and more. Our stratified approach to risk provides a more accurate assessment of your high-risk customers — saving you valuable time, so you can focus on the customers that pose the greatest risk to your institution.

                              Join us as product experts demonstrate how Verafin identifies risk factors to group customers in high-risk categories, stratifies the risk within those groups and, through ongoing high-risk customer surveillance, provides a more accurate picture of your institution’s risk profile.

                              Highlights from this product demonstration will include:

                              • Configurable Account Opening Questionnaire to standardize the initial collection and ongoing updating of due diligence-related information, as well as automated risk assessment at account opening.
                              • Intelligent Risk Categorization with high-risk-customer finders that alert you to categories of customers who did not self-identify at account opening, including MSBs, NGOs, MRBs, ATM Owners, and more.
                              • Configurable Risk Models allowing for appropriate assessment based on your institution’s risk appetite, and intelligent segmentation that categorizes and stratifies customer risk profiles for more accurate institutional risk profile.
                              • Stratified Risk Models to group customers into high-risk categories, including NRAs, NGOs, CIBs, etc., and to stratify risk within those categories to help you focus your limited time and resources on customers that pose the greatest risk to your institution.
                              • Ongoing Surveillance with targeted monitoring of HRCs, for triggering events that may warrant enhanced due diligence, and for updates to customer information or risk score.
                              • CDD/EDD Workflow to streamline your customer risk management processes with convenient workflows to manage alerts on high-risk customers, upcoming reviews, and cases.

                              Register now: https://verafin.com/event/end-to-end-high-risk-customer-management-cdd-edd/?src=cbanc

                              Blob

                                Online Account Fraud- SAR filing

                                AVP at a bank ($2.1BUSA)

                                Could you share if you use a set of standards/procedures for filing a SAR with no known suspect, in particular with online account applications?

                                Some examples would be-

                                • suspected ID theft but not confirmed with the victim- Would you still file?
                                • if a fraud was suspected but not confirmed, would you use the pledged funding amount on the online application as a benchmark for a SAR decision, although the account was not approved for opening? etc.

                                Any feedback on this matter is greatly appreciated.
                                Thank you,
                                Vesela