SOLUTION

Suspicious Activity Reports (SARs)

Verafin helps you investigate and uncover suspicious activity and allows you to easily create the FinCEN Suspicious Activity Report (SAR) at the click of a button.

Increase your SAR efficiency

Verafin brings increased efficiency and confidence to the regulatory reporting process by helping you automate the often tedious but necessary tasks associated with generating, completing, and filing SARs.

Features

ONE-CLICK E-FILING

Once you complete your narrative, with the click of a button you can queue your completed SAR for automated overnight e-filing directly with FinCEN.

INTEGRATED CASE MANAGEMENT

Verafin’s fully integrated case management functionality lets you open an investigative case directly from an alert and generate a SAR at the click of a button.

AUTO-POPULATED SAR FIELDS

Verafin completes all data fields when the report is generated and indicates if you are missing required information. Simply complete the narrative section, enter any extra information you wish to provide, and submit to FinCEN.

REPORTING WORKFLOWS

SAR workflow dashboards show you the status of your reports from incomplete to accepted by FinCEN.

Benefits

90-day SAR refiling reminders

Verafin’s fully integrated case management functionality provides you with a 90-day reminder that a SAR may need to be refiled due to continuing suspicious activity.

Easily attach additional transactions to a SAR

With a customer’s transactions contained in Verafin, you can easily add additional transactions related to the suspicious activity to support your filing.

Examiner-friendly audit trails

Verafin maintains a log of all user activity, showing who generated, reviewed, and submitted the report. All decisions pertaining to the SAR, including decisions not to file, can be noted in Verafin. It also maintains a digital archive of all reports for a minimum of five years.

Never miss a due date

Report homepages include dashboards that give you a quick view of reports sorted by their submission deadline.

More Verafin Benefits

Automated CTR functionality. Verafin automatically generates a pre-populated CTR based on your customers’ transactions. Review and then queue for overnight submission directly from Verafin to FinCEN. 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 >
Enterprise reporting. With hundreds of ad-hoc data reports, and the ability to create custom reports that include the information fields you need, Verafin helps improve auditing, reporting and record-keeping of all aspects of your fraud and AML detection efforts. 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 >

Interested in learning more about Verafin's Suspicious Activity Reporting Solution?

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