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Verafin helps you see what might otherwise go unnoticed!
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.
| Send us a request for more information. |
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)
| INDUSTRY ANALYST RECOMMENDATION |
| Workflow tools, with automated report generation, are necessary because reporting and responses are on a high penalty timer. Early adopters of AML technology will find themselves under regulatory pressure to upgrade or adopt new systems. Financial services providers will find it increasingly difficult to justify non-adoption of money-laundering detection and reporting systems.” |
Source: The Updated FinCEN Strategic Plan Will Mean Increased Financial Services Providers’ Compliance Costs and Complexity Through 2008 |
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.
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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
| INDUSTRY ANALYST RECOMMENDATION |
| “Few things can be as damaging to a financial institution’s competitive position as being branded an organization that has laundered money for organized crime, terrorists, war criminals or narcotics traffickers. Techniques used by competitive intelligence can help reduce this risk.” |
Source: Use Competitive Intelligence Techniques for Money-Laundering Risk Assessment |
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
| INDUSTRY ANALYST RECOMMENDATION |
| “If fraudsters succeed in stealing information, improved back-end detection systems should quickly catch the criminal activity. Back-end fraud-detection systems make sense when the volume is too high to check transactions manually. Back-end fraud-detection systems clearly reduce fraud costs.” |
Source: Ways to Fight Consumer Fraud |
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
| INDUSTRY ANALYST RECOMMENDATION |
| “Institutions should keep files of customers with suspicious behavior that need to be tracked over time. Anomalous behavior must be investigated in an auditable manner and reported under strict time requirements. Case management workflow tools are an essential part of any effective compliance, anti-fraud or anti-money laundering effort.” |
Source: Ease Financial Crime Compliance With Case Management Tools |
Link Analysis
- Compares customer/member information profiles
- Links accounts with matching information
- Allows user to verify or reject link results
- Groups accounts for analysis
For more information, contact Tom Lybeck at 800-356-9655, ext. 4109 or call CUNA Member Service at 800-356-8010, press 3, 8:00 a.m. – 4:30 p.m. Central.
OTHER RESOURCES
- Click here to learn more about Verafin.
- Click here to download Verafin's product information
- Click here to view the CUNA Strategic Services /Verafin press release announcement.
Click here to view CUNA’s
Bank Secrecy Act (BSA) Compliance Guide- Click here to view
CUNA’s e-Guide to Federal Laws and Regulations—Bank Secrecy Act
- Click here to view an article—“2007 Top Compliance Issues” (Reprinted with permission from Credit Union Magazine.)
- Click here to view an article—“BSA Compliance: The Buck Stops Here” (Reprinted with permission from Credit Union Magazine.)
- CUNA Bank Secrecy Act Task Force
AGENCY RESOURCES
Copyright © 2008 - Credit Union National Association, Inc.
