Vesto’s risk- based approach begins at onboarding. We ensure that anyone who gains access to our platform has been thoroughly vetted and identified to the best of our ability. Vesto performs the following checks once an application is received:

• Id verification- not only are our applicants required to upload their identification, but a liveness check is also performed by requiring that a selfie is also uploaded. This ensures that the identification document provided belongs to the individual seeking an account.
• Background check- this includes criminal records, address verification, phone verification, date of birth and SSN/EIN matching.
• Watchlist checks- comprehensive coverage of global AML risk data sources including sanction lists (such as OFAC, UN, HMT, EU, DFAT,) law enforcement lists (Interpol, country specific government and state agencies and police forces), and governing regulatory bodies’ (financial and securities commissions) from around the world.
• Public Data/Resident Files -Mixed source which may include utility, consumer, and other public information as well as credit bureau.
• Risk Assessment

Vesto’s Compliance Program also complies with and has created policy and procedures for:

• BSA/AML/TF
• NACHA Compliance
• Regulation E
• Suspicious activity detection and SAR filing
• CIP/KYC
• OFAC
• Complying with Law Enforcement/Subpoenas
• Wire transfers
• Unlawful Internet Gambling
• HIDTA/HIFCA
• Record and Retention
• Vendor Management

Vesto’s cutting edge technology also provides the ability to monitor transactions in real time. This ensures that we are mitigating risk and losses by having the ability to stop a transaction before it happens or quickly reverse a transaction before the funds are withdrawn. Some of these features include:

• Suspense Account- ability to suspend a transaction based on set parameters that can be manually reviewed for suspicious activity. If the transaction is deemed suspicious it can be voided and further investigation performed before money leaves an account.
• Real time alerts- based on set parameters alerts are received on transactions as they are occurring. This allows us to quickly review and decision if the transaction is normal for a customer or suspicious and needs to be recalled.
• All alerts can be customized as transactions and need present themselves.

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