Verafin

BSA Compliance, Money Laundering and Fraud Detection Software

Verafin is more than a BSA solution provider. We offer a complete money laundering and fraud detection solution. Our second-generation approach brings fraud and AML detection together. It’s something we like to call FRAML. We’re committed to always staying one step ahead of bad guys and first-generation rules-based solutions.

What that means for you is a better process, a way to reduce your workload and costs. It’s why more than 500 financial institutions operating on nearly 50 core processing systems choose our solution to stay a step ahead of regulations, examiners and financial criminals.

We use risk-scoring to alert you to suspicious behavior, which also helps you prioritize your work. Examiners and auditors love the way we help you work. From OFAC and 314(a) monitoring to CTR and SAR filing, Verafin’s fraud and money laundering detection software is a truly automated solution.

• CONSOLIDATED AML/FRAUD ALERTS DASHBOARD
• CUSTOMER RISK SCORING
• INSTITUTION BSA/AML RISK ASSESSMENT
• SUSPICIOUS ACTIVITY DETECTION
• COMPLIANCE REPORTING
• WATCH LIST SCANNING
• ENTERPRISE-WIDE CASE MANAGEMENT AND INVESTIGATION
• THIRD-PARTY VENDOR MANAGEMENT
• AUDITING, RECORD KEEPING AND REPORTING
• CORE SYSTEM INTEGRATION
• WIRE INTEGRATION

Contact
Catherine Fleming at Verafin
Telephone: (709) 752-3050 ext. 3242
Visit the Verafin website. www.verafin.com

MBA Establishes Preferred Relationship with Verafin for Fraud and AML Detection

BSA Compliance, Money Laundering and Fraud Detection Software

The Massachusetts Bankers Association is pleased to announce that the Executive Committee recently voted to endorse Verafin as the preferred vendor to provide BSA compliance, anti-money laundering (AML) and fraud detection software to member institutions. Verafin assists banks and credit unions across the country in complying with state and federal regulations in this important area.

Verafin has pioneered a behavior-based approach for fraud and AML (FRAML) detection. While traditional products are based on a set of pre-defined rules designed to identify known vulnerabilities, Verafin’s holistic approach combines transaction information with behavioral information. Using advanced artificial intelligence (AI) to replicate human reasoning, Verafin enables banks to catch suspicious activity that conventional approaches may miss. Verafin’s FRAML gives Verafin customers a complete view of their transaction activity. This reduces duplicate investigations and false positive alerts, resulting in better outcomes with less cost and less staff time devoted to this task.

For more information on Verafin’s software, and how to combine your AML and fraud detection processes, the Association is sponsoring a one hour webinar on Wednesday, August 18, 2010, beginning at 9:00 a.m. and concluding by 10:00 a.m. The webinar will share insights on the evolution of BSA technologies and the joy of efficiency including a peek at the Verafin application. To participate, fill in the registration form and you will be emailed the webinar details a few days before.

If you have any questions regarding this product, please feel free to contact Peter Blanchard at 617.523.7595 or at peterb@massbankers.org. You may also contact Annie Coldstream at the same number.  Additionally, you can contact Kelly Hemeon from Verafin at 1.877.368.9986 x 3107. If you are unable to participate in the presentation, but would like more information, please fill out the registration form and check the appropriate box.