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When you know your customer, you reduce the risk of regulatory fines, fraud loss, and damage to your reputation. In the days when tellers knew their customers by name, an unusual transaction immediately stood out. Today, the Enhanced Due Diligence (EDD™) module from Banker’s Toolbox™ gives you the technology to automate that same judgment process.
Do You Know Your Customer?
- Exceed regulators’ expectations for comprehensive customer due diligence procedures and processes.
- Create simple, easy-access electronic account profiles that include customer identification, expected transaction volume, business details, and up to 15 custom fields.
- Make it easy for branches to capture the necessary customer profile information that will enable ongoing monitoring.
- Easily detect accounts that deviate from the expected transactional volume (stated volumes) with a comprehensive EDD Tolerance Report.
- Effortlessly adjust your settings to create risk-based tolerance levels unique to your institution.
EDD™ allows you to create personal and business account profiles in which you can keep track of:
- Cash In and Out
- Wire Transfers In and Out
- Monetary Instruments
- ATM and POS Transactions
- ACH In and Out
For business accounts, you can record additional information, including:
- Business Ownership
- NAICS Code
- Monthly Sales/Revenue
- Major Suppliers/Vendors
- Major Customers
- MSB/NBFI Information
As part of the new account opening process, information for EDD™ is captured at the location via the web-based branch entry module. Using the same interface, you can easily add information for existing accounts as well.
After a period of time, the EDD Tolerance Report compares the actual items processed to the expected volume for each account. This is an ongoing monitoring that occurs as scheduled by your financial institution.
 Putting EDD™ Into Action
Enhanced Due Diligence™ is a web-based module that integrates with the BAM™ solution from Banker’s Toolbox.™ EDD™ provides an affordable, state-of-the-art system that enhances your customer due diligence.
Capture Account Information
- Identification: Customer name, account number, account type, TIN, etc.
- Expected Transaction Volume: Indicate the dollar amount and frequency of cash in/out, wires in/out, ACH in/out, monetary instruments, and ATM/POS transactions. Optionally include comments on each transaction type.
- Business Accounts: Type of business, NAICS code, ownership, monthly revenue, major suppliers and customers.
- Financial Customers: Collect special information on Money Service Businesses and Non-Bank Financial Institutions, such as casinos and pawn brokers, etc.
- Custom Information: Collect up to 15 custom fields of additional information as defined by your BSA Officer, such as business seasonality, geographic location relative to the branch office, etc.
Monitor Account Activity
- Search: Locate a customer or group of customers by name, account number range, transaction amounts or other criteria.
- Review: Quickly see a customer’s 3-month and 12-month transactional averages by category, amounts and frequency.
- Report: Generate an EDD Tolerance Report for accounts that meet specified criteria, such as date or transaction amount range, BSA risk code, and variances in transactions outside a defined acceptable range of amounts or volumes.
The ability to know when a customer goes outside an expected pattern of behavior is the first step in safeguarding your institution’s integrity. Banker’s Toolbox™ Enhanced Due Diligence™ module maintains the ideal balance between requiring just the right amount of information when a new account is opened — so the process is not burdensome for either the customer or bank staff -— and having the necessary information in order to track transactions over time against the expected pattern.
The cornerstone of a strong BSA/AML compliance program is the adoption and implementation of comprehensive CDD policies, procedures and processes for all customers, particularly those who present a high risk for money laundering and terrorist financing. With Banker’s Toolbox™ solutions, you can be assured that such systems are in place, with effective tools that are quick to learn and are a transparent part of the transaction monitoring process.
Contact Us Today
Automating your customer due diligence with EDD™ is a cost-efficient, simple process that will enhance your work experience and enable you to better serve your clients. When you partner with Banker’s Toolbox,™ you can be assured of proven performance and top customer support. Contact us today to see how easily EDD™ can be integrated into your existing BSA and FACT Act compliance program.
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