Originally Presented: July 21, 2020
The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. Relying on siloed teams, spreadsheets and core reports is now largely ineffective, leaving financial institutions exposed and at risk of overlooking illegal activities or reporting requirements. To stay ahead of crime and remain competitive in our changing industry, financial institutions must replace manual processes with an efficient, automated solution.
Verafin streamlines the cumbersome reporting processes challenging institutions today, giving you added confidence for exams, saving time and money, and improving your reports to law enforcement. Our holistic approach to financial crime management unites disparate teams, provides advanced protection against the latest crime trends, and gives rich visibility into activities spanning multiple institutions.
Join us as we discuss the efficiencies of fighting financial crime and maintaining compliance with Verafin’s automated Financial Crime Management Platform.
Highlights of this product presentation include:
- 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.
- 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; and stratified, configurable risk-models for high-risk customers.
- Risk-rated alerts enriched with third-party, open-source and cloud data, and visual storytelling to provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
- 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.
- Cross-institutional detection and 314(b) Information Sharing that facilitates collaborative investigations between 314(b)-registered institutions.
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.