Anti-Money Laundering & BSA Compliance

Enhance your ability to detect, investigate and report potentially suspicious activity with Verafin’s targeted AML analytics.

An Enterprise BSA/AML Platform

Verafin enhances your anti-money laundering efforts and ensures regulatory compliance through the ongoing development and delivery of complete BSA/AML functionality and targeted suspicious activity detection models.

Through analysis of a wide variety of factors including monitoring transactions across multiple channels, a customer’s profile and historical behavior, and by integrating cross-institutional data, third-party data, and open-data sources, Verafin’s approach to financial crime detection reduces false positives and generates a higher quality of alerts that represent true risk to your institution. By utilizing artificial intelligence and machine learning, Verafin proactively alerts you to a wide range of suspicious activity, including the unusual movement of funds, structuring, human trafficking, and terrorist financing.

Solutions

MONEY LAUNDERING DETECTION

Verafin analyzes a wide variety of factors to help you uncover criminal and money laundering activities, including transaction monitoring across multiple transaction channels, a customer’s profile and historical behavior, and scenarios that indicate possible terrorist financing or human trafficking activity.

STRUCTURING

Verafin’s targeted structuring models alert you to customers that may be avoiding CTR reporting requirements. Identify one-time structured events for low-volume accounts, or use peer analysis to determine if high-volume entities are under filing.  Our machine learning models reduce false positives and effectively determine cash structuring by analyzing deposit activity over time.

HUMAN TRAFFICKING

Verafin’s customer-centric analysis digs deep to uncover indicators that a customer is involved in human trafficking activity, either as a victim, perpetrator, or front for a larger criminal organization. Human trafficking alerts include a wide range of evidence and visual tools to enhance your investigations.

FUNNEL ACCOUNTS

Verafin alerts you to potential funnel accounts, helping you shut down money mules and block the flow of illicit funds to human trafficking and drug smuggling organizations.

TERRORIST FINANCING

Verafin’s advanced anti-money laundering analytics alert you to unusual activity that may be indicative of terrorist financing, and provides tools to strengthen investigation and reporting.

CROSS-INSTITUTIONAL ANALYSIS

Verafin’s cloud-based, cross-institutional analysis gives you complete insight into customer activity, spanning multiple institutions, to expedite decision-making, strengthen investigations, and improve the information provided to law enforcement.

314(b) INFORMATION SHARING

Verafin’s 314(b) information sharing technology helps you connect with a larger network of peers to collaborate and share information, providing a more complete picture of customer activity and strengthening your AML investigations.

Benefits

Better decision-making with better data

Verafin integrates cross-institutional data, third-party data, and open-data sources to greatly enhance ongoing activity analysis. This helps generate more robust alerts that represent the true risk to your institution. It also allows for the incorporation of key evidence elements within an alert, improving your ability to make quick and decisive investigative decisions.

Stronger team management and reporting

Visual performance dashboards help you assess your alerts, cases, and filed SARs to quickly understand and report upon: the types of customer activity generating alerts; which alert types generate the highest risk scores and result in cases or SARs; and where to direct the focus of your team members for maximum efficiency and effectiveness.

Improved examinations

From fully integrated case management functionality, allowing you to document and track all aspects of your investigations, to customizable enterprise reporting, Verafin has your examination needs covered.

INCLUDED WITH VERAFIN

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ONLINE COMMUNITY

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TRAINING & 24/7 SUPPORT

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WEEKLY RELEASES

More Verafin Benefits

Integrated Case Management. Integrated case management functionality lets you create a fully audited and tracked investigation. Upload related files, assign tasks to other users, and document your decisions — all in one location. Learn More >
Automated Regulatory Reporting. Verafin brings increased efficiency and confidence to your regulatory reporting processes by automating the tedious but necessary tasks associated with initiating, completing and filing Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). Learn More about CTRs > or  Learn More about SARs >
Vendor Management. Regulators and examiners continue to pressure financial institutions to improve their management of third-party vendor relationships and the risks associated with those relationships. Verafin includes Vendor Management functionality that lets you better control your vendor management process. Learn More >

Interested in learning more about Verafin's Anti-Money Laundering and BSA Compliance Solution?

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