Verafin is the industry leader in financial crime management, providing a cloud-based cross-institutional FRAMLx software platform for Fraud Detection, Anti-Money Laundering and High-Risk Customer Management, with a customer base of 1700 financial institutions across North America. Powered by cloud technology, Verafin significantly reduces false positive alerts, offers advanced data visualization, and enables collaborative investigations to help customers stay a step ahead of crime, as well as the BSA/AML compliance landscape.
Verafin’s innovative crime-fighting solution includes FRAMLxchange, the industry’s largest secure 314(b) information sharing network that facilitates collaboration between more than 1700 financial institutions and over 5400 investigators, and is available to any 314(b)-registered institution.
How can Verafin help your financial institution?
Verafin offers comprehensive financial crime management for BSA/AML, fraud detection, and high-risk customer management, with functionality that includes:
1. Complete Bank Secrecy Act/Anti-Money Laundering Compliance – Detection of Human Trafficking, Funnel Accounts, Terrorist Financing, International Activity and Movement of Funds; provides automated CTR and SAR reporting, as well as automated BSA record keeping.
2. Proactive Fraud Detection – Detects fraudulent activity occurring across multiple channels (including online, account, wire/ACH, check, and card fraud) to greatly reduce potential loss.
3. Innovative FRAMLx & Cloud-based Analysis – Verafin’s Cloud environment allows a big-data approach, resulting in enhanced analytics, reduced false positives, and a more complete picture of activity through the cross-institutional detection of suspicious activity.
4. End-to-End CDD/EDD & High-Risk Customer Management – Verafin’s intelligent risk categorization approach identifies, categorizes, stratifies, and actively monitors ongoing high-risk customer activity. This enables BSA/AML professionals to perform powerful and efficient ongoing due diligence that is in-line with the true risk the customer poses to the institution.
5. 314(b) Collaboration & Information Sharing – Facilitates collaboration between 314(b)-registered institutions, giving you the ability to easily request, share, and track information pertaining to potentially suspicious activity.
6. Watch List & 314(a) Checking – Automatically scans people, vendors, and businesses against the OFAC SDN list, performs 314(a) searches, checks incoming and outgoing wires to flag positive matches, and allows for the creation of internal scan lists.
Why this provider over another?
Powered by cloud technology, Verafin significantly reduces false positive alerts, offers advanced data visualization, and enables collaborative investigations to help banks stay ahead of crime and the BSA/AML compliance landscape.
Additionally, Verafin incorporates a wide range of data sources into its analysis to reduce false positives and create robust suspicious activity alerts that greatly improve a user’s ability to investigate more efficiently and effectively. As a cloud-based solution, Verafin can provide enhancements seamlessly on a weekly basis, ensuring users are a step ahead of the latest criminal trends and threats.
Verafin is WBA’s exclusive provider of FRAMLx, helping financial institutions detect suspicious activity across multiple institutions and facilitating collaboration under Section 314(b) of the USA PATRIOT Act.
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For more information, call 1 (866) 781-8433 or email email@example.com
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