Anti-Money Laundry Program

Verafin offers its customer intelligence suite which fully integrates anti-money-laundering, fraud detection and watch list checking.

Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Compliance
Verafin’s anti-money laundering module automates regulatory reporting which means significant productivity improvement and decreased cost of compliance.

Currency Transaction Reporting (CTR)

• Identifies and automates CTR reporting
• Collects information from core processing platform
• Pre-populates required reports
• Allows reports to be edited and shared with others
• Electronically submits reports to FinCEN (DCC)

Suspicious Activity Detection/Reporting

• Scans all transactions (deposits, wires, ACH, etc.)
• Red flags suspicious activity
• Checks incoming and outgoing wires
• Facilitates enhanced due diligence (EDD) for high risk accounts and activity
• Provides extensive selection of investigation tools
• Pre-populates and electronically submits reports to FinCEN (DCC)

BSA Record Keeping

• Monetary instrument/funds transfers logs
• Other reports according to the BSA Exam Manual

Customer/Member Due Diligence
Verafin’s know-your-customer/member module provides customer/member risk scoring and watch list checking which means decreased regulatory, operational and reputation risk.

Customer/Member Risk Scoring

• Addresses both static and dynamic risk
• Risk scores members according to the FFIEC BSA Exam Manual
• Analyzes all transactions for every member
• Performs dynamic risk scoring for all members
• Ranks members to allow assessment of potential risk

Watch List Checking

• Checks account holders against Office of Foreign Asset Controls (OFAC) Specially Designated Nationals (SDN) list
• Performs 314(a) law enforcement searches
• Checks incoming and outgoing wires
• Flags positive matches
• Alerts compliance officer
• Accommodates external fraud lists and internal watch lists
• Maintains exemption lists

Fraud Detection
Verafin’s fraud detection module uses sophisticated intelligent agents to identify unusual activity and reduce fraud losses.

Debit Fraud

• Identifies unusual patterns in debit card usage
• Identifies high velocity ATM/POS transactions
• Identifies unusual locations
• Fuses evidence to identify various fraud scenarios

Check Fraud

• Identifies unusually large checks
• Identifies check kiting patterns
• Flags out-of-sequence checks

Account Fraud

• Identifies unusual activity on new accounts
• Identifies unusual activity on dormant accounts
• Identifies unusual online activity

Investigative Tools
Verafin’s investigative tools provide auditable processes to detect, investigate and manage suspicious activity reporting. This helps to ensure compliance and strict adherence to regulatory reporting requirements.

Case Management

• Allows user to open and track cases
• Allows user to add related documents
• Provides an audit trail for examiners
• Allows user to assign priority level to cases
• Allows cases to be shared with others

Link Analysis

• Compares customer/member information profiles
• Links accounts with matching information
• Allows user to verify or reject link results
• Groups accounts for analysis

 Click here to link to the Verafin Web site.


For additional information, please contact a Credit Union Resources representative at 1-800-442-5762 and their extension.