 | About Nasdaq Verafin Nasdaq Verafin provides Fraud Detection and Management, AML/CFT Compliance and Management, High-Risk Customer Management, Sanctions Screening and Management, and Information Sharing solutions. |
BlogFinCEN and Federal Banking Agencies Encourage Banks to InnovateDecember 4, 2018 by Nasdaq Verafin A joint statement released on Dec. 3, 2018, by the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners — the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and... |
BlogHow financial institutions can help end elder financial exploitationJune 18, 2018 by Nasdaq Verafin Elder financial exploitation (EFE) may be the crime of the 21st century. The available numbers paint a scary picture: one 2015 report indicated seniors are defrauded of nearly $36.5 Billion annually, over 12 times the amount previously reported. In August... |
BlogKey Takeaways from FFIEC Updated CDD Examination ProceduresJune 12, 2018 by Nasdaq Verafin On May 11, 2018, the FFIEC released new Customer Due Diligence (CDD) Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule. These updates detail how financial institutions must establish appropriate risk-based CDD procedures to understand the... |
BlogImproving your risk-based CDD with intelligent categorizationApril 17, 2018 by Nasdaq Verafin 2018 updates to Customer Due Diligence requirements have increased regulatory emphasis on how BSA/AML departments must conduct ongoing customer due diligence. The FFIEC BSA/AML Examination Manual states that AML programs, at a minimum, are required to implement: appropriate risk-based procedures... |
BlogOptimizing high-risk customer management and ongoing due diligenceMarch 20, 2018 by Nasdaq Verafin An already challenging BSA/AML compliance risk environment continues to grow in complexity, as financial institutions seek to meet requirements for due diligence on higher-risk categories of customers. Without question, risk management is at the forefront of today’s regulatory scrutiny. In... |
BlogBuilding momentum in the fight against human traffickingJanuary 9, 2018 by Nasdaq Verafin Throughout 2017 awareness of human trafficking as a modern human tragedy — orchestrated by criminal organizations on a global scale — continued to grow. Equally important, there was an increased recognition of the vital role financial crime investigators at financial... |
BlogUnmasking online account takeoverDecember 19, 2017 by Nasdaq Verafin The intersection of fraud and online banking accounts continues to be big business. With our dependence on smart phones and as the Internet continues to seemingly expand into every aspect of our lives, criminals are fashioning masks molded from stolen... |
BlogIndustry alert: NACHA warns of risks in C2C ACH DebitsNovember 28, 2017 by Nasdaq Verafin NACHA has turned the risk spotlight on Consumer-to-Consumer (C2C — also known as Account-to-Account (A2A) or Peer-to-Peer (P2P)) debit payments again. Over the past six months we have seen a steady flow of warnings within the industry about the dangers... |
BlogFinding fraud in fallback transactionsNovember 20, 2017 by Nasdaq Verafin Fallback transactions pose a significant danger to financial institutions (FIs) and are something criminals will lean on more heavily as the adoption of chip-enabled cards continues to gather pace. A fallback transaction is the swiping of a chip-enabled card at... |
BlogBeneficial Ownership FAQsNovember 14, 2017 by Nasdaq Verafin A lot of digital ink has been spilled concerning the collection of Ultimate Beneficial Owner (UBO) information. Most of the buzz around the FinCEN’s final rule on Customer Due Diligence (CDD) Requirements for Financial Institutions, since it was introduced, rests... |
