SOLUTION

Funnel Accounts

Stop criminals from using your FI to move dirty money.

Are accounts at your FI being used by drug smugglers and human traffickers?

Funnel accounts are a method used by criminals to launder money that exploits branch networks of financial institutions. Increasingly, criminals are strengthening their organizations by using funnel accounts to launder funds weaved throughout a host of devastating crimes — including human smuggling, human trafficking, and drug trafficking crimes.

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.

Features

ENTITY ANALYSIS

Verafin considers profile information related to the individual receiving the funds, including if they are an NRA or have a foreign address or identification on file, to establish a level of activity risk. This helps enhance scrutiny on higher risk entities, as recommended in the FFIEC examination manual.

GEOGRAPHIC ANALYSIS

In addition to an entity’s profile information, Verafin analyzes geographic factors such as the distance between the deposit and withdrawal location and proximity to the southern border to further assess the potential that the account is being used to funnel illicit funds.

SMART EVIDENCE & VISUAL ALERT TOOLS

Verafin’s funnel account alerts include investigation tools for viewing details of the customer’s activity, including turnover graphs illustrating the timeline and values of transactions; and visual maps showing the physical locations of the FIs where suspicious deposits and withdrawals occurred, with transactional values.

Benefits

Unearth money mules in your institution

Criminal organizations will often recruit money mules to open new accounts at your institution to receive and withdraw the illicit funds. Verafin’s funnel account analysis will alert you to their presence within your institution, giving you the ability to take required action.

Automated Suspicious Activity Reports (SARs)

Verafin’s SAR functionality makes reporting funnel account activity seamless. Generate an auto-populated SAR directly from a case. Complete your Narrative with the help of the investigative notes and findings you have saved in the case and e-file directly from Verafin to FinCEN.

Stop human trafficking and drug trafficking activity

Funnel accounts are used by criminal organizations to help fund destructive activity, such as human trafficking, smuggling, and drug trafficking. By identifying and reporting these accounts you are having a positive impact on the fight to stop one of the world’s most devastating crimes.

Get additional information via collaboration

Verafin’s 314(b) information sharing tools give you access to a wealth of additional information via collaboration with investigators at the institution originating the transfer. With this information at your disposal you can make better informed and more confident investigative decisions.

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 >
314(b) information sharing. Verafin gives you the tools to reach out to other 314(b)-registered financial institutions to request the information you need to enhance your investigations. Learn more >
Human Trafficking Detection. Verafin’s customer-centric analysis digs deeply to uncover indicators that a customer is being victimized. Human trafficking alerts include a wide range of evidence and visual tools to enhance your human trafficking investigations. Learn more >
Advanced Anti-Money Laundering (AML). Verafin’s FRAMLx analysis alerts you to wide range of potentially suspicious customer activity occurring across multiple transaction channels. From unusual flow of funds to human trafficking and terrorist financing activity, Verafin’s risk-rated AML alerts ensure criminals are not preying on your institution. Learn more >

Interested in learning more about Verafin's Funnel Accounts Solution?

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