January 14 at 12:30 PM - 01:30 PM EST

Financial Crime Management for Credit Unions

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

From plotting sophisticated fraud schemes to outsmarting BSA reporting requirements, today’s criminals pose an increasing threat to financial institutions and their customers. Nefarious criminal activities have rendered traditional approaches to financial crime management largely ineffective — institutions must take decisive action with cloud-based solutions that evolve alongside criminal activities and provide holistic, cross-channel insights to strengthen investigations and provide actionable information to law enforcement.

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

By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week in the Verafin Cloud, our big data intelligence approach reduces false positives and increases the quality and accuracy of your alerts. Our expert presenters will explore how Verafin’s targeted analytical agents use data from across the Verafin Cloud environment to intelligently and rapidly evolve based on peer data, providing your institution with powerful surveillance of customer accounts and alerting you to risky activity.

Highlights from this special overview demonstration include:

•    End-to-end High-Risk Customer Management and Customer Due Diligence/Enhanced Due Diligence (CDD/EDD) including an Account Opening Questionnaire; high-risk customer identification and segmentation analytics; automated risk-review workflows; behavior-based surveillance agents for changes in activity; and stratified, configurable risk models 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 & ACH fraud, debit card fraud, loan fraud, and elder financial abuse.
•    Risk-rated alerts enriched with third-party, open-source and cloud-based data.
•    Visual storytelling tools such as geographic maps and interactive relationship graphs to help expedite investigations and strengthen reporting.
•    Cross-institutional analysis and information sharing to facilitate collaborative investigations between 314(b)-registered institutions.
•    Complete BSA/AML Compliance & Management with process automation including regulatory reporting for SARs and CTRs, OFAC/Watch List scanning, Case Management, Enterprise Reporting, and more.

Verafin is proud to be the endorsed provider of Financial Crime Management software for the Western Bankers Association, Texas Bankers Association, Florida Bankers Association, Massachusetts Bankers Association, and 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. Over 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.

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