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Automated “dynamic” risk rating and new account on-boarding enhanced due diligence

Once the bank has properly identified the customer/member and verified the customer/member’s identity, it is expected to determine the anticipated monthly activity in the account; where deposits will come from, and where the money will go. This includes the number of transactions, and the aggregate dollar amount, by each type of transaction (checks, wires, debit card usage, ACH, internal transfers, cash, etc.).

BSA Tracker offers interactive screens for collecting anticipated account utilization through new account opening process in Branch Workshop, the customer/member Workshop or through secondary devices supported by the institution (for example: new account tablet for filling out new account opening questionnaires). The goal is to automate and reduce the time needed to collect the additional information during the new account opening process and to streamline the customer/member experience.

The BSA Tracker offers “dynamic” workflow with an “interactive” question management system to risk rate new customer/members based on answers to the EDD/CDD questions. The Tracker will consolidate or expand the questions based on previous responses. Questions for businesses are different than those used for personal accounts. There are over 30 personal and business characteristics that can be used to establish the risk rating. Within the Tracker you have the flexibility to define the number of risk points assigned to various risk factors applied to each account. This gives you control over defining risk tolerances and follow-up reviews.

If the customer/member is risk rated high, the Tracker automatically schedules a follow-up risk review. Transactions can be reviewed based on customized reports in the Tracker.