Today’s Risk Landscape: High Risk Customer Groups

Presented by

Corey Lynch, Verafin

About this talk

Presented by Verafin FinCEN’s final rule on Customer Due Diligence Requirements has brought increased scrutiny on compliance programs to understand the nature and purpose of customer relationships on an ongoing basis. With this increased regulatory pressure, it is more important than ever that financial institutions adopt an end-to-end, risk-based approach to their due diligence and risk management processes.   Join us for this educational webinar as we discuss challenges facing financial institutions in navigating today’s risk landscape, with a focus on High-Risk Customer categories, such as NRAs, MSBs, MRBs, ATM Owners, PEPs, and NGOs. We will also provide an overview of steps to adopting a risk-based approach including identification, assessment, monitoring and review of these high-risk customer groups. Highlights of this webinar: - Examine regulatory requirements and obligations related to ongoing customer due diligence, and the potential impact on financial institutions’ processes and procedures. - Outline industry approaches to managing high-risk customer categories, and the potential impact from de-risking groups of customers. - Learn best practices for meeting due diligence requirements for ongoing monitoring and reviewing high-risk customers. - Review of how a risk-based approach can strengthen your AML program, by identifying, assessing, monitoring and reviewing high-risk customers.
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Nasdaq Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. 3500 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states.