Auditing and recordkeeping
Accountability and transparency are key aspects of an institution’s approach to FRAML (fraud and AML). Verafin automatically provides a central repository for all decisions related to customers, alerts, cases and reports, making historical data easily retrievable as required for investigation or examination purposes.
Verafin’s auditing framework ensures that all user activity within the system can be tracked and monitored. Each portion of the application includes an audit log that captures any user-initiated changes (including a user’s identity, their time of access or change, and a description of their specific activity or change).
Recordkeeping requirements are easily addressed with Verafin. Records of all alerts, cases and reports (and all associated transactions) are maintained indefinitely within the bank’s Verafin database. Previously submitted reports, and records associated with any alerts or cases can be accessed at any time. Using the transaction search component in Verafin, users can also generate various reports to meet specific auditor/examiner requests, such as a list of monetary instrument purchases or outgoing wires within a specified dollar/date range.
In addition to compliance reporting capabilities (SARs and CTRs), Verafin also provides the following audit logs and reports:
- FinCEN reports (SAR Board of Directors detailed report; SAR Board of Directors summary report)
- Funds transfers reports (Originator report; Beneficiaries report)
- Exemptions report
- High volume currency report
- Debit fraud (Detailed report; Summary report)
- Anti-money laundering (Behavior log; Summary report)
- Account fraud (Summary report)
- Watch list (Summary report; Quick Search log; 314(a) audit log; IAT audit log)
- Identity theft (Address change report)