ACFCU • Location: Amarillo, Texas • Assets: $300M
Core Banking System: Fiserv – Portico
“With Nasdaq Verafin’s help, we were able to quickly identify the risk of our member’s activities… Over time, we would have uncovered this risky situation, but not at the same speed, and not before potentially more money had been transferred in and out.”
– Emma Smith, Compliance Manager, ACFCU
At the heart of the Texas Panhandle, tenacious investigation, powerful technology, and characteristic Texan grit helped ACFCU stop the flow of $1 million in mule activity — and spare an unwitting money mule from potentially serious legal ramifications. Read how Emma Smith and the ACFCU team used Nasdaq Verafin’s Wire Fraud solution to view the member’s historic transaction patterns, uncover unusual incoming and outgoing movement of money, and identify unusual wires to crypto endpoints. Together with evidence from our consortium analytics and an FBI investigation, the ACFCU team halted the activity — saving over $600,000.
“Without Nasdaq Verafin, we would not have known that one of the accounts our member was transacting with had also been flagged as a potential mule account at another institution… That information certainly level-set the situation and really helped us understand its gravity, allowing us to get in front of this issue and take action.”
Nasdaq Verafin is proud to work with ACFCU and thousands of other institutions of all sizes to manage the ever-evolving nature of money laundering and fraud. Every illicit dollar that moves through the financial system fuels a global epidemic of financial crime — for Emma and her team, tenacity and Nasdaq Verafin’s technology is protecting their members and community from this worldwide epidemic.
