SOLUTION

Money Laundering Detection

Go beyond compliance to uncover the illicit movement of funds through your institution.

Prevent criminals from moving illicit funds through your institution

Money laundering is fundamental to the survival of criminal organizations and the illicit activities they perpetrate. Organized criminals are making increasingly complex attempts to avoid detection, meaning AML professionals must be fast moving and innovative to detect these schemes.

Verafin analyzes a wide variety of factors to help you uncover criminal activity, including monitoring transactions across multiple transaction channels, a customer’s profile and historical behavior, and scenarios that indicate possible terrorist financing or human trafficking activity.

Features

SUSPICIOUS FLOW-OF-FUNDS DETECTION

Verafin analyzes a customer’s deposit and withdrawal activity across channels to find indicators of attempts to launder illicit funds.

TRANSACTION STRUCTURING ALERTS

Your customers’ transactions are monitored across an extended period for evidence they may be structuring their deposits to avoid reporting thresholds. You are alerted to potentially suspicious activity.

COMPLEX MONEY LAUNDERING ANALYSIS

AML alerts in Verafin go beyond transfer in – transfer out analysis. Advanced analytics and evidence-supported alerts help you uncover incredibly dangerous criminal activity — from funnel accounts to terrorist financing and human trafficking — to make a positive impact on society.

Benefits

Targeted alerts

Verafin generates an alert when advanced analysis uncovers a legitimate threat of suspicious activity, not every time a simplistic rule is broken. This allows you to focus on investigating risky activity instead of writing rules and wasting time reviewing false alerts.

Improved investigations via collaboration

Verafin’s 314(b) information sharing functionality gives you the ability to collaborate with investigators at other 314(b)-registered institutions to access the information about a customer’s activity that would not be available to you otherwise.

Automated Suspicious Activity Reports (SARs)

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.

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 >
Integrated case management. Integrated case management functionality lets you create a fully audited and tracked investigation. Upload related files, assign tasks to other users, and document your decisions — all in one location. 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 >
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 >
Cross-Institutional AML Analysis. Through the analysis of AML alerts at institutions throughout the Verafin Cloud, Verafin can alert you when an entity at your institution has previously generated AML alerts at another FI and provides you with the collaborative tools to share information with the investigators who have the information you need. Learn more >

Interested in learning more about Verafin's Money Laundering Detection Solution?

Products