Federal law requires Canadian financial institutions to report suspicious transactions, and certain electronic funds transfers and large cash transactions to FINTRAC. Investigating, compiling and submitting these transactions is a time-consuming requirement fraught with potential error.
Verafin brings increased efficiency and confidence to the regulatory reporting process from automated report generation and pre-populated fields to electronic filing directly with FINTRAC and examiner-friendly audit trails.
Features of Verafin’s regulatory reporting solution for Suspicious Transaction Reports (STRs), Electronic Funds Reports (EFTRs), and Large Cash Transaction Reports (LCTRs), include:
- Pre-populated report fields
- One-click electronic filing
- Workflow dashboards
- Auto-submit complete reports