Because Verafin is a consolidated financial crime detection and compliance automation solution, we help financial institutions like yours maximize your technology investment by helping to automate and strengthen BSA/AML and anti-fraud program processes.
The application brings together regulatory (including BSA/AML, OFAC, FACTA and USA PATRIOT Act) and fraud detection components to offer a holistic view of your customers and activity. By bringing together your institution’s people, processes, and technology, Verafin helps to create an effective and efficient financial crime detection and regulatory compliance environment.
As a next generation alternative to static rules-based compliance software, Verafin applies a behavior-based approach that analyzes an account’s past behavior to ensure only truly abnormal activity is highlighted. Less time is wasted reviewing false alerts and a user’s customer knowledge is greatly increased, creating a stronger, more robust regulatory compliance and fraud detection program.
Verafin includes the following:
- FRAML - Detect a variety of financial crimes including fraud, money laundering, and identity theft.
- Investigation and reporting – Manage case investigations and automatically e-file compliance reports (such as Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs)).
- Vendor risk management – Manage risks associated with products and services from third-party vendors.
- Watch list scanning – Automate list updating and scanning of customers, non-customers and vendors, as well as real-time scanning of International ACH Transactions (IAT) and wires.
- Services – Learn about our core systems integration, implementation, and training and support services.