June 11 at 12:30 PM - 01:30 PM EST

BSA/AML Compliance, Fraud Detection & High-Risk Customer Management

A Consolidated Financial Crime Management Platform

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Today’s criminals do not limit their illicit activities to a single financial institution. More and more, multiple institutions are targeted for increasingly complex financial crimes. As these criminals evolve, traditional approaches to combat crime are largely ineffective.

Single institutions with siloed BSA/AML and fraud departments lack the visibility necessary to see the bigger picture, often seeing only a very small component of the crime within their data. These isolated teams often deploy point solutions that use broad rules in an attempt to catch suspicious or fraudulent activity — an approach that perpetuates the industry-wide problem of false positives. The solution? Working together to fight crime, in the same way criminals work together to exploit victims and institutions.

So, why choose Verafin?

Unlike first generation systems, Verafin builds deep analytical models for you, and uses big data intelligence with machine learning and artificial intelligence (AI) to keep you ahead of evolving financial crime trends. Verafin’s Financial Crime Management platform includes highly targeted detection scenarios that are enriched with open-source and third-party data and provides cross-institutional analysis and collaboration through the power of the Verafin Cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

  • End-to-end High-Risk Customer Management and Customer Due Diligence/Enhanced Due Diligence (CDD/EDD) including an Account Opening Questionnaire; high-risk customer identification and segmentation analytics; automated risk-review workflows; and stratified, configurable risk-models for high-risk customers.
  • Targeted AML scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts.
  • Targeted Fraud scenarios including first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, loan fraud, and elder financial abuse.
  • Risk-rated alerts enriched with third-party, open-source and cloud data, and visual storytelling to provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
  • Cross-institutional detection and 314(b) Information Sharing that facilitates collaborative investigations between 314(b)-registered institutions.
  • Complete BSA/AML Compliance and Management with process automation including regulatory reporting for SARs and CTRs, OFAC/Watch List scanning, Case Management, Enterprise Reporting, etc.

Verafin is proud to be the endorsed provider of Financial Crime Management software for the Western Bankers Association, Texas Bankers Association, Florida Bankers Association, Massachusetts Bankers Association, and CUNA Strategic Services, and has industry endorsements in 48 states across the U.S.

Verafin is the industry leader in financial crime management solutions, providing a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. Nearly 3000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today.

Tagged as...

  •   BSA/AML Compliance
  •   FRAML
  •   FRAMLx
  •   Fraud