Technology | Wiz Sentri: BSA/AML | RiskID

Wiz Sentri™: RiskID

Automating Due Diligence for BSA, Patriot Act and Red Flag Compliance

Today, regulators are more diligent than ever in their scrutiny to ensure that a Customer Identification Program (CIP) is the cornerstone of your BSA and Patriot Act compliance program. In addition, the FACT Act’s new Red Flag requirements demand the development of a comprehensive Identity Theft prevention program. If you fail to comply, you risk regulatory fines, stiff penalties and adverse publicity.

Wiz Sentri: RiskID is a web-based tool that helps ensures compliance with CIP, Customer Due Diligence and Identity Theft program requirements. With a single sign-on, eliminating the need for multiple passwords, you can verify customer identities, screen high-risk customers and evaluate their potential risk.

Verify customer identities

Wiz Sentri: RiskID verifies the identity of every applicant opening a new account and confirms the identity of existing customers. It automatically compiles all the information you need to satisfy BSA & Patriot Act requirements and serves as a cornerstone of your Red Flag Regulations program.

Screen high-risk customers

Wiz Sentri: Risk ID lets you screen potential and existing customers against lists of high-risk individuals and businesses including OFAC, 314(a) and PEP, covering the United States and 230 other countries.

Evaluate potential risk

Wiz Sentri: Risk ID speeds up your customer due diligence process by automatically evaluating customer risk at account opening. You can customize the evaluation parameters to fit your institution’s policies, procedures, demographics and risk tolerance. You can also risk-rate customers and identify those customers who will require on-going monitoring.

To learn more about Wiz Sentri: RiskID, please click on the link at the right.

For a visual explaination of how RiskID could work within your institution click on the diagram below.

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