Updated: Jul 5
If you’ve been in banking long enough you’ve likely been “burned” by a customer or member before. In the Bank Secrecy Act world, we like to call these “bad actors”. If you’re saying it hasn’t happened to you, there’s likely one of three options happening to you right now:
Someone is in the process of burning you and you just don’t know it yet
You’re one lucky individual and you should consider buying a lottery ticket
Your financial institution has invested in technology to help protect you against “bad actors”
While there are a lot of ways to be “burned'' by a customer or member, perhaps one of the simplest ways of avoiding such a situation is to attempt to avoid banking “bad actors'' at all. Easier said than done, right? Not so much anymore. By conducting robust due diligence on potential customers or members prior to onboarding a new relationship, you can help avoid banking individuals and businesses that are either out of your financial institution’s risk appetite or are simply out to use your financial institution for potential illicit activities.
How exactly can this be achieved? With the right technology partner you can quickly validate multiple customer information points, including negative news, so your financial institution can swiftly make an informed decision on whether an applicant fits your institution’s risk appetite.
At RiskScout, we help financial institutions and other financial service providers including merchant service providers, CPAs, law firms and many more achieve robust onboarding due diligence through our FirstPass solution. FirstPass verification is a detailed reporting service that provides the necessary information needed for a safer, more informed decision-making process.
FirstPass results include reviewing and validating business formations, key parties including beneficial owners, licensing information, website and social media reviews, key vendor reviews, adverse media searches, watchlist searches and so much more against our sources of truth. FirstPass is the most robust “Know Your Business” onboarding due diligence tool on the market and is saving financial service providers manpower while providing them peace of mind that they are onboarding customers or members that fit their institution’s risk appetite.
Watch the video below for a sneak peek of our FirstPass magic and contact us to learn more!