Verafin

Verafin is the leader in cloud-based, cross-institutional Fraud Detection and Anti-Money Laundering (FRAMLx) collaboration software with a customer base of over 1500 financial institutions across North America. Its solution uses advanced cross-institutional, behavior-based analytics to help financial institutions navigate the BSA, USA PATRIOT Act and FACTA compliance landscape, along with staying ahead of numerous types of fraud.

Verafin's innovative crime-fighting solution includes FRAMLxchange, the industry’s largest secure 314(b) information sharing network that facilitates collaboration between more than 1000 financial institutions and 3000 investigators, and is available to any 314(b)-registered institution.

Verafin’s solution combines four elements for the most comprehensive solution in the market:

1. 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. Fraud Detection – Detects fraudulent activity (debit, check and account fraud) and reduces losses
3. FRAMLx & Cloud-based Analysis – Cloud network allows a big-data approach to improve analytics, reducing false positives and giving a more complete picture of activity, and enables cross-institutional detection of suspicious activity.
4. Customer Due Diligence & Enhanced Due Diligence – Provides a complete, customer-centric CDD/EDD solution, including CDD Questionnaire and High-Risk Customer management — helping you accurately assess the customers that pose the greatest criminal risk to your institution.
5. 314(b) Collaboration & Information Sharing – Facilitates collaboration between 314(b)-registered institutions, allowing them to request information pertaining to potentially suspicious activity.
6. Watch List & 314(a) Checking – Checks people, vendors and businesses against the OFAC SDN list, performs 314(a) searches, checks incoming and outgoing wires and flags positive matches, alerts compliance officer, accommodates fraud lists and internal watch lists, and maintains exemption lists.
7. FACTA Red Flags – Facilitates creation of red flags and configuration by type, assigns investigation/expiration to flagged accounts, verifies SSN, checks against internal watch lists, and mines for suspicious personal ID information

By using advanced artificial intelligence instead of the more common rules-based technology to search out suspicious activity — Verafin can replicate human reasoning and catch suspicious activity that rules may miss – all in one easy to use program.

Verafin’s is the exclusive provider of FRAMLx that can detect suspicious activity across multiple institutions, and facilitates collaboration under Section 314(b) of the USA PATRIOT Act.

Contact: Dean Martino

Telephone: 800-842-1242

Website: verafin.com