In today’s regulatory environment, it is critical for financial institutions to identify, research, and mitigate the risks posed by higher risk customers.
AML RightSource professionals assist financial institution's in a variety of aspects related to customer risk rating and the performance of Enhanced Due Diligence ("EDD") / Customer Due Diligence ("CDD") reviews.
Collection and verification of Customer Information ("CIP") data
Collection and analysis of Know Your Customer ("KYC") information
Overview of account activity
Verification of customer risk rating
Summary narrative of risk profile
Risk recommendation (retain, change, demarket)
AML RightSource professionals provide a range of Enhanced Due Diligence / Customer Due Diligence services.
Three scenarios of AML RightSource's capabilities are outlined below.
A large regional bank looked to AML RightSource to perform EDD reviews on nearly 30,000 customers during a twelve month period. AML RightSource also assisted the bank in developing and enhancing its Customer Risk Rating Model, and provided sophisticated statistical analyses to properly stratify the bank’s customers into three distinct risk categories. To accomplish this work, AML RightSource deployed nearly 100 AML/BSA professionals on the project, creating customized workflows, quality scoring reviews, and escalation procedures throughout the engagement. The review included detailed EDD analyses of individuals, commercial entities, politically exposed persons, cash intensive businesses, and non-resident aliens.
A large super-regional bank asked AML RightSource to provide ongoing EDD Analysts to conduct EDD reviews as part of its ongoing EDD program and business as usual process. The bank could not adequately staff its department of nearly 150 professionals to consistently handle the volume of high-risk customers requiring the review due to timing and seasonality related issues. AML RightSource offered, and continues to offer, the bank a flexible staffing arrangement where it provides a minimum of 6 and maximum of 30 professionals to assist the bank with EDD reviews for high-risk customers across each of the bank’s business lines, including Wealth Management, Consumer, Retail, and Private Banking.
A large regional bank with high net worth customers, required ongoing assistance with its EDD program. More specifically, the bank outsourced its non-resident alien, non-governmental organization, and alternative investment portfolio of high-risk customers to AML RightSource on a quarterly basis. Without the assistance of AML RightSource, the bank could not meet its internal service level agreements to complete EDD reviews on these customers within a 30 day period.