SOLUTION

Front-Line Functionality

Improve your compliance processes and suspicious activity detection on the front-line.

Your front-line staff are integral to your BSA compliance and fraud detection efforts

Customers, new and old, interact with your front-line staff every day. These team members are vital to the collection of important customer data, spotting potentially suspicious behavior occurring in-branch, and ensuring you are meeting your regulatory requirements.

Verafin provides a wide array of easy-to-use functionality that helps ensure front-line staff can capture the information you need to complete BSA requirements and alert you to unusual in-branch activity.

Features

CDD ACCOUNT OPENING QUESTIONNAIRE

Ensure front-line staff capture all required information for new personal and business accounts that is important to your ongoing customer assessment. Capture beneficial ownership information, including control and ownership prongs, for new accounts and established customers. You can also generate customizable notification messages to front-line staff when opening an account for specific types of high-risk entities. 

OFAC SEARCHING

Perform an in-branch OFAC watch list search on necessary transactions. Verafin maintains an audit trail of front-line OFAC searches and alerts you to matches.

DEPOSITED CHECK VALIDATION

Verafin gives your front line staff the ability to search a check being deposited by name, routing number, account number, check number, and dollar amount. The check is immediately scanned in the Verafin Cloud to alert, in real-time, your staff if the check was previously presented or processed.

UNUSUAL ACTIVITY FORM

Within Verafin, your front-line staff can easily create an unusual activity form that immediately alerts you when potentially suspicious activity is spotted. Customer and activity details are included in the form and alert, keeping the important information centralized within Verafin and easily available if you need to generate a Suspicious Activity Report (SAR).

MONETARY INSTRUMENT ENTRY

Easily capture cashed or purchased monetary instruments. When filling out the monetary instrument entry form in Verafin, front-line staff quickly complete information about the monetary instrument, select a current customer or add information about a non-customer as the purchaser or payee, and add any necessary notes. An OFAC watch list scan is performed and an audit log is created to aid your BSA requirements.

Benefits

Get the customer information you need at account opening

Verafin’s CDD questionnaire lets you configure questions that will ensure front-line staff capture the information you need. Questionnaire functionality also includes tools that help standardize collected information, from defined value ranges for expected transactions, to a convenient NAICS Code Finder that automatically suggests the correct NAICS code to the front-line users.

Capture in-branch unusual activity in Verafin

With suspicious in-branch activity reported directly in Verafin, you no longer need to rely on Intranet forms or emails. You are alerted quickly and, if a SAR is required, the information you need is at your fingertips when you generate it within Verafin.

Ensure OFAC scans are not overlooked

Verafin’s powerful watch list scanning functionality is available to your front-line, ensuring OFAC scans can be easily performed whenever necessary.

Stop check fraud early

Verafin analyzes all available data to uncover similarities and presents the information in an easy-to-compare layout. Reviewing the match summary lets you move forward quickly.

More Verafin Benefits

Automated SAR functionality. At the click of a button you can create a pre-populated SAR. Complete your narrative and queue it for overnight electronic submission directly from Verafin to FinCEN. Verafin can also remind you when it is time for 90-day refiling, if the suspicious activity continues. Learn more >
Watch list scanning. Verafin automatically scans your customers nightly against installed watch lists, including OFAC, 314(a), and internally-created lists. You, or your front line staff, can also manually search watch lists for entities at any time. Learn more >
CDD/EDD. From a customizable due diligence questionnaire to ongoing monitoring, Verafin helps you know your customer throughout the customer relationship life cycle, enhancing your risk assessment process and alerting you to unusual behavior. Learn more >
Multi-Channel Fraud Detection. Fraudsters will target every available channel to enrich themselves at your customers’ (and your institution’s) expense. Verafin’s multi-channel FRAMLx analysis generates data-rich alerts that help you proactively detect scams and stop fraud losses from Deposit Fraud, Check Fraud, Card Fraud, Loan Fraud, Wire Fraud, ACH Fraud, and Online Account Takeover. Learn more >

Interested in learning more about Verafin's Front-Line Functionality?

Products