SOLUTION

Watch List Scanning

Automate your OFAC and 314(a) watch list scanning.

Fully automate your 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.

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 functionality.

Features

AUTOMATIC OFAC UPDATES

Verafin automatically downloads and updates the latest OFAC list when available.

CREATE INTERNAL LISTS

You can easily create an internal list of entities that will be analyzed against your customer base on a nightly basis.

FRONT-LINE WATCH LIST SEARCHES

Searches can be performed quickly by front-line employees for OFAC searching on account opening and non-customer transactions.

ADVANCED ANALYTICS

Advanced search analytics use phonetics and similar name spelling to help eliminate false alerts.

WIRE AND IAT SCANNING

Upload International ACH Transaction (IAT) and wire files for immediate scanning against your installed watch lists.

Benefits

Easy access to customer data

At the click of a button, see activity statistics, behavior parameters, profile information, historical activity, and notes about the customer.

No more repeat (unnecessary) investigations

Once you acknowledge a watch list match as safe, Verafin will remember that information, and will not generate a repeat alert.

Examiner-friendly audit trails

Search history and investigation statistics are available in audit logs and summary reports. These reporting features provide proof-of-scan requirements for examiners.

Quick entity comparisons

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

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 >
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 >
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 Watch List Solution?

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