Feature Sheet

Watch List Scanning

Federal law requires financial institutions to scan customers and transactions against watch lists to identify entities that may be involved in possible money laundering or terrorist financing activities. Traditional, more manual procedures for updating watch lists and reviewing for matches can be extremely tedious. When you factor in the ongoing record-keeping and reporting of potential matches to authorities, this becomes a labor- and time-intensive process.

Verafin automates these tasks and applies advanced analytics to improve the effectiveness of your scanning processes. Verafin scans customers, non-customers, vendors, wires, and ACH files as part of its Watch List Scanning component. With automated updating of watch lists, you know that your customers and transactions are always being scanned against the most up-to-date lists.

Features of Verafin’s Watch List solution include:

• Automatic updates and nightly scans of OFAC and other watch lists
• Simple 314(a) watch list upload and bi-weekly scanning
• ACH (IAT) and wire file scanning
• Intelligent matching algorithms to produce high-quality alerts, reducing false positives
• Audit logs and summary reports

  •   BSA/AML Compliance
  •   CDD/EDD
  •   FRAML
  •   OFAC/Watch List

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