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Managing Higher Risk Business Customers
- Learn about some tactics fraudsters are using to hide who they are and what they really do
- Discover the value of Business Customer Intelligence – fully understanding your business customers
- Learn about the synergies with transaction monitoring
- Examine some case studies where illegal or prohibited businesses have been found in financial institutions’ portfolios
- Learn about regulations related to managing some specific higher risk customers such as third-party payment processors/third party senders
Overview of the webinar
Financial institutions and others in the payments ecosystem must comply with regulations related to due diligence of business customers, as well as ongoing monitoring of their portfolios. A strong KYC program also includes an assessment of business customer risk. How can financial institutions and processors effectively determine what the risks are and how to manage them? This session will provide guidance on assessing business customer risk both at onboarding and ongoing, as well as best practices for taking a risk-based approach to Know Your Customer (KYC) and Know Your Customers’ Customers (KYCC).
Who should attend?
- Risk and compliance staff at banks
- Payment Processors and Alternative Payment providers
- Product managers at banks, Payment Processors and Alternative Payment providers
- Financial intelligence Unit staff
- Relationship managers at financial institutions who deal with higher-risk customers
Why should you attend?
Both banks and their regulators have been focusing on the issue of higher risk customers with differing points of view as to how to deal with them. There is no standard definition of what is “higher risk”. There seems to be guidance from some regulatory agencies that banks should establish prohibited customer categories and thus de-risk their portfolio. Join this session to learn best practices for managing higher risk business customers in order to protect your portfolio and avoid regulatory action.
Faculty - Ms.Jane Hennessy
Jane Hennessy was Head of External Alliances for 3 years at G2 Web Services, headquartered in Bellevue, Washington. G2 Web Services is a technology and services company that helps banks, processors and their partners ensure safer and more profitable commerce. Jane was previously Executive Vice President and Manager, Marketing, Strategy and Information Management, Cross-sell and International Personal Banking in the International Group, Wells Fargo Bank, N.A. Her responsibilities included marketing and strategy for all lines of international business including trade services and trade finance, foreign exchange, correspondent banking, international treasury management, international personal banking. Prior to that position, Jane was a Group Personnel Manager in Wells Fargo’s Wholesale Banking Group. She worked at Wells Fargo for nearly twenty-two years. Jane has consulted for banks, payment organizations and Fintech companies. She is on the Board of Directors of Oak Financial Software Corp. and a member of the NACHA Payments Innovation Alliance. She has spoken extensively at conferences on topics including international payments, business customer risk, authentication and retail banking. Jane has an MBA from the University of Santa Clara, and MA and BA degrees from Michigan State University.