Reducing Risk in High-Risk Account Management

This case study details the implementation of Nasdaq Verafin at Bell Bank to enhance their fraud prevention and customer due diligence processes. Stacey Iverson, the BSA and Fraud Officer, identified the need for updated methodologies to leverage Nasdaq Verafin’s technology effectively. Following a compliance exam in early 2018, it became clear that a more robust program for customer due diligence (CDD) and enhanced due diligence (EDD) was necessary. The case study outlines how Nasdaq Verafin’s tools, such as the Account Opening Questionnaire and High-Risk Customer Identification analytics, have enabled Bell Bank to identify high-risk customers more effectively. It also discusses the integration of Fiserv WireXchange for real-time wire transfers, which has improved the bank's ability to prevent wire fraud. The collaboration with Nasdaq Verafin has allowed Bell Bank to beta test new analytics, ensuring that the solutions developed meet their specific needs and enhance their compliance efforts.