Watch list scanning

Are you doing business with criminals? Have you let a criminal slip through your front door?

Attempting to keep pace with updated watch lists and possible matches is an exhausting business. Add the ongoing record-keeping and reporting of potential matches to the necessary authorities and you have a labor and time-intensive process.

Federal law requires financial institutions to scan customers and transactions against watch lists to identify entities that may be involved in possible money laundering or terrorist financing activities.

This is where Verafin steps in.

• Automatic update of Office of Foreign Assets Control (OFAC) list
• Automatic update of any installed lists
• Easy upload of new USA PATRIOT Act Section 314(a) lists
• Automatic nightly scans of customer accounts and vendors against OFAC and enabled lists
• Real-time searching of OFAC and other enabled lists
• Create your own internal watch list for nightly scanning
• Easy International ACH Transaction (IAT) file uploads for immediate scanning
• Quickly acknowledge an alert as a non-match
• Easy-to-follow investigation workflow
• Email notification of new alerts
• Manage and prioritize your review workload using risk-rated alerts
• Advanced search capabilities using phonetics and similar name spelling
• Search history and investigation statistics available in audit logs and summary reports
• Organize and document your investigation using the Case Management component