April 24 at 12:30 PM - 01:30 PM EST

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

A Consolidated Solution to Fight Financial Crime

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 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 machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software 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 cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

  • Integrated CDD/EDD and intelligent categorization of high-risk customers including an Account Opening Questionnaire; high-risk customer identification 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 provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
  • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.
  • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.

Verafin is proud to be the endorsed provider of fraud detection and BSA/AML software for the Western Bankers Association, Texas Bankers Association, Florida Bankers Association, Illinois Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services, and has industry endorsements in 47 states across the U.S.

Verafin is the leader in cloud-based, cross-institutional Fraud Detection and Anti-Money Laundering (FRAMLx) collaboration software with a customer base of 1800 financial institutions across North America. Using advanced cross-institutional, behavior-based analytics it helps financial institutions stay a step ahead of numerous types of fraud as well as the BSA, USA PATRIOT Act, and FACTA compliance landscape, while allowing them to collaborate cross-institutionally. Our innovative crime-fighting solution includes FRAMLxchange, the industry’s largest secure 314(b) information sharing network, that facilitates collaboration between investigators at 1700 financial institutions, and is available to any 314(b)-registered institution.

Tagged as...

  •   BSA/AML Compliance
  •   FRAML
  •   FRAMLx
  •   Fraud

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