September 24 at 02:00 PM - 03:00 PM EST

Financial Crime Management for Credit Unions

Verafin Overview: BSA/AML Compliance, Fraud Detection, High-Risk Customer Management & Information Sharing

Verafin’s industry-leading enterprise Financial Crime Management platform leverages artificial intelligence and machine learning in highly targeted fraud and money laundering analytics. Verafin imports and analyzes an immense data set from multiple sources in the Verafin Cloud to help you effectively combat financial crime and comply with regulations. Our unique approach combines big data intelligence, visual storytelling and collaborative investigation capabilities to significantly reduce false positive alerts, deliver context-rich insights and streamline the daunting BSA/AML compliance processes that financial institutions face today.

Join us for an overview of the Verafin Financial Crime Management platform and learn why 1200 credit unions have chosen Verafin to help strengthen their compliance programs and fight financial crime.

  • End-to-End High-Risk Customer Management and CDD/EDD including an Account Opening Questionnaire; high-risk customer segmentation; automated risk-review workflows; and stratified, configurable risk-agents for high-risk customers.
  • Targeted AML Scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts.
  • Targeted Fraud Scenarios including first-party deposit fraud, deposit fraud scams, online account takeover, wire and ACH fraud, debit card fraud, loan fraud, and elder financial abuse.
  • Risk-Rated Alerts enriched with core data, third-party, open-source and cloud data.
  • Visual Storytelling to provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
  • Cross-Institutional Detection and 314(b) Information Sharing that facilitates collaborative investigations between 314(b)-registered credit unions in the industry’s largest secure information sharing network for financial institutions.
  • Complete BSA/AML Compliance and Management with Process Automation, including regulatory reporting for SARs and CTRs, OFAC/Watch List scanning, Case Management, Enterprise Reporting, etc.

Verafin is proud to be the endorsed provider of Financial Crime Management software for CUNA Strategic Services, and has industry endorsements in 48 states across the U.S.

Verafin is the industry leader in financial crime management solutions, providing a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. Nearly 3000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today.

Tagged as...

  •   BSA/AML Compliance
  •   CDD/EDD
  •   FRAML
  •   Fraud
  •   High-Risk Customer Management